Symmetry Panoramic Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811- 23334

Symmetry Panoramic Trust

(Exact name of registrant as specified in charter)

151 National Drive

Glastonbury, CT 06033

(Address of principal executive offices) (Zip code)

Sara A. Taylor

Symmetry Partners, LLC

151 National Drive

Glastonbury, CT 06033

(Name and address of agent for service)

Copy to:

Mark C. Amorosi, Esq.

K&L Gates LLP

1601 K Street NW

Washington, D.C. 20006

Registrant’s telephone number, including area code: (844) 796-3863

Date of fiscal year end: August 31, 2020

Date of reporting period: February 29, 2020

Item 1. Reports to Stockholders.

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR § 270.30e-1), is attached hereto.

Symmetry Panoramic Trust

SEMI-ANNUAL REPORT

FEBRUARY 29, 2020

Symmetry Panoramic US Equity Fund (SPUSX)
Symmetry Panoramic International Equity Fund (SPILX)
Symmetry Panoramic Global Equity Fund (SPGEX)
Symmetry Panoramic Tax-Managed Global Equity Fund (SPGTX)
Symmetry Panoramic US Fixed Income Fund (SPUBX)
Symmetry Panoramic Municipal Fixed Income Fund (SPMFX)
Symmetry Panoramic Global Fixed Income Fund (SPGBX)
Symmetry Panoramic Alternatives Fund (SPATX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports no longer will be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary, or, if you are a direct investor, by calling 1-844-796-3863.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-844-796-3863. Your election to receive reports in paper will apply to all funds held with your financial intermediary if you invest through a financial intermediary or all Symmetry Panoramic Funds if you invest directly with the Funds.

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020

TABLE OF CONTENTS


Shareholders’ Letter	1
Schedules of Investments	4
Statements of Assets and Liabilities	88
Statements of Operations	90
Statements of Changes in Net Assets	93
Financial Highlights	101
Notes to Financial Statements	109
Disclosure of Fund Expenses	155

The Funds file their complete schedules of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Funds’ Forms N-Q and N-PORT are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how the Funds voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-844-796-3863; and (ii) on the SEC’s website at http://www.sec.gov.

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

Shareholders’ Letter

Dear Shareholders,

The last half year saw somewhat mixed performance across geographic markets and style factors that drive returns. While the tech-heavy Nasdaq turned in double-digit performance, lower priced value stocks continued to struggle on a relative basis. Small caps had some losses over this timespan, but the broad global market brought in modest positive returns. Meanwhile, fixed income also turned in largely positive performance.

While this report reflects results through our fiscal second quarter, which ended February 29, 2020, we all now know that the ensuing period has abruptly erased many of the soaring gains equity markets had delivered over the last few years. The onslaught of the Covid-19 pandemic and the shut-down measures taken to stem the virus have inflicted a serious toll on productive enterprise, interrupting supply and demand chains and raising the discount rate as investors require a higher return to assume risk.

It is far too early to assess the full impact this shock to the system will entail. Some businesses will adapt and ultimately thrive, some will take a hit but slowly dig back and some will be lost. Trillions in government relief packages will create another set of winners and losers. As is so often the case, it is dangerous to assume in advance that we can predict which businesses, sectors or countries will take the hardest hits and which will triumph. We stress to our investors the importance of remaining diversified. While market volatility of this nature seems to take everything down with it, the fact is that some drops are worse than others, and the results of being concentrated in the wrong investments can be catastrophic.

We also caution our clients against drastic asset allocation changes unrelated to personal circumstances. Selling out of your investments in the hopes of getting back in at the bottom is difficult to do in a way that actually adds to your long-term return. We advise finding a long-term allocation to risky assets that you can live with and sticking with it.

Stay healthy and safe.

	9/1/2019 - 2/29/2020
Market Indices
Russell 2000 TR USD	-1.03
NASDAQ Composite TR USD	16.93
S&P 500 TR USD	3.89
MSCI EAFE NR USD	-1.81
DJ Industrial Average TR USD	-5.19
BBgBarc US Agg Bond TR USD	6.90
BBgBarc Global Aggregate TR USD	2.84
BBgBarc US Govt/Credit 1-5 Yr TR USD	4.69
MSCI ACWI Ex USA IMI NR USD	0.24

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

	9/1/2019 - 2/29/2020
BBgBarc Global Aggregate TR Hdg USD	4.18
DJ US Select REIT TR USD	-12.94
MSCI US Broad Market GR USD	3.43
MSCI World All Cap NR USD	1.23
S&P S/T National AMT Free Muni TR USD	2.48
FTSE USBIG 1-5 Yr	4.68
Factor Indices
MSCI ACWI IMI NR USD	1.75
MSCI ACWI Value NR USD	-4.15
MSCI ACWI Small NR USD	-2.02
MSCI ACWI Momentum NR USD	1.74
MSCI ACWI Quality NR USD	11.54
MSCI ACWI Minimum Vol (USD) NR USD	-5.02
MSCI USA GR USD	4.47
MSCI USA Value GR USD	-4.17
MSCI USA Small Cap GR USD	-3.47
MSCI USA Momentum GR USD	1.00
MSCI USA Quality GR USD	10.49
MSCI USA Minimum Volatility (USD) GR USD	-4.33
MSCI World ex USA NR USD	-1.83
MSCI World Ex USA Value NR USD	-2.81
MSCI World Ex USA Small Cap NR USD	0.23
MSCI World ex US Momentum NR USD	2.01
MSCI World ex USA Quality NR USD	3.27
MSCI World ex USA Min Vol (USD) NR USD	-4.22
MSCI EM NR USD	5.95
MSCI EM Value NR USD	-3.76
MSCI EM Small NR USD	-0.70
MSCI EM Momentum NR USD	5.67
MSCI EM Quality NR USD	3.84
MSCI EM Minimum Vol (USD) NR USD	-9.34
Alternatives Index
HFRI FOF: Conservative Index	4.44

Source: Morningstar

Sincerely,
Dana D’Auria
President, Symmetry Panoramic Trust

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

Symmetry Partners, LLC is an investment advisory firm registered with the Securities and Exchange Commission. The firm only transacts business in states where it is properly registered, or excluded or exempted from registration requirements. No one should assume that future performance of any specific investment, investment strategy, product, or non-investment related content made reference to directly or indirectly in this material will be profitable. As with any investment strategy, there is the possibility of profitability as well as loss. Diversification seeks to improve performance by spreading your investment dollars into various asset classes to add balance to your portfolio. Using this methodology, however, does not guarantee a profit or protection from loss in a declining market. Past performance does not guarantee future results.

All indexes have certain limitations. Investors cannot invest directly in an index. Indexes do not have fees. Historical performance results for investment indexes generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. Actual performance for client accounts may differ materially from the index portfolios. There is always the risk that an investor may lose money. Even a long-term investment approach cannot guarantee a profit. Economic, political, and issuer-specific events will cause the value of securities, and the portfolios that own them, to rise or fall. Indexes are referred to for comparative purposes only and do not represent similar asset classes in terms of components or risk exposure; thus, their returns may vary significantly.

© Morningstar 2020. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction.

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 74.6%
	Shares		Value
EQUITY FUNDS — 74.6%
DFA Real Estate Securities Portfolio, Cl I		851,437	$	32,873,990
DFA US Core Equity 2 Portfolio, Cl I		5,806,698		122,695,520
DFA US Large Capital Value Portfolio, Cl I		404,892		13,430,264
DFA US Targeted Value Portfolio, Cl I		474,149		9,179,519
DFA US Vector Equity Portfolio, Cl I (A)		7,998,499		135,494,574
iShares Edge MSCI Min Vol USA ETF		801,665		49,118,015
Vanguard U.S. Value Factor		146,400		9,482,328
Total Registered Investment Companies
(Cost $373,824,162)				372,274,210

COMMON STOCK — 24.0%
COMMUNICATION SERVICES — 1.5%
AT&T	47,424	1,670,273
Cable One	297	467,187
Discovery *	3,058	78,591
DISH Network, Cl A *	3,056	102,437
Facebook, Cl A *	18,342	3,530,285
IAC *	379	77,293
Live Nation Entertainment *	965	58,643
Match Group *	5,816	378,040
Nexstar Media Group, Cl A	2,521	289,865
Omnicom Group	2,159	149,575

The accompanying notes are an integral part of the financial statements.
4

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
COMMUNICATION SERVICES — continued
Roku, Cl A *		2,681	$	304,749
Sinclair Broadcast Group, Cl A		3,743		86,875
T-Mobile US *		1,160		104,586
Twitter *		1,175		39,010
Zynga, Cl A *		6,275		42,105
				7,379,514
CONSUMER DISCRETIONARY — 2.6%
Aptiv		2,262		176,685
Aramark		2,650		92,061
AutoNation *		5,566		237,835
AutoZone *		492		507,995
Best Buy		4,206		318,184
BorgWarner		2,635		83,266
Bright Horizons Family Solutions *		1,002		157,464
Burlington Stores *		659		142,515
Carter’s		1,695		155,042
Chipotle Mexican Grill, Cl A *		133		102,886
Columbia Sportswear		706		57,398
Darden Restaurants		953		92,918
Dick’s Sporting Goods		2,399		87,348
Dollar General		4,070		611,721
Dollar Tree *		897		74,478
Domino’s Pizza		263		89,278
DR Horton		7,888		420,194
eBay		7,324		253,703
Etsy *		1,353		78,217
Expedia Group		674		66,470
Floor & Decor Holdings, Cl A *		3,823		195,164
Garmin		4,548		401,998
General Motors		6,261		190,961
Gentex		11,072		295,622
Genuine Parts		1,067		93,085
Graham Holdings, Cl B		93		46,768
Hasbro		1,669		128,930
Hilton Worldwide Holdings		999		97,103
Home Depot		3,094		673,997
Hyatt Hotels, Cl A		1,779		136,271
Leggett & Platt		2,612		103,592
Lennar, Cl A		6,459		389,736

The accompanying notes are an integral part of the financial statements.
5

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY — continued
LKQ *		8,594	$	254,210
Lowe’s		448		47,743
Lululemon Athletica *		2,196		477,432
NIKE, Cl B		1,590		142,114
NVR *		125		458,397
O’Reilly Automotive *		581		214,226
Penske Automotive Group		1,240		57,065
Polaris		453		37,386
Pool		832		175,519
PulteGroup		13,143		528,349
Ross Stores		1,457		158,493
ServiceMaster Global Holdings *		2,316		82,843
Skechers U.S.A., Cl A *		10,401		344,065
Starbucks		7,225		566,657
Target		6,942		715,026
Tempur Sealy International *		4,189		313,128
TJX		8,121		485,636
Toll Brothers		5,865		217,181
Tractor Supply		1,638		144,979
Ulta Beauty *		216		55,532
Under Armour, Cl A *		3,938		55,880
VF		748		53,856
Whirlpool		1,698		217,106
Williams-Sonoma		4,229		263,847
Yum! Brands		1,237		110,402
				12,735,957
CONSUMER STAPLES — 1.8%
Brown-Forman, Cl B		1,019		62,577
Campbell Soup		3,500		157,920
Casey’s General Stores		2,017		328,811
Church & Dwight		2,512		174,634
Conagra Brands		2,675		71,396
Costco Wholesale		3,470		975,556
Coty, Cl A		13,643		125,925
Estee Lauder, Cl A		3,081		565,672
Flowers Foods		6,286		135,338
General Mills		5,752		281,848
Hershey		2,512		361,703

The accompanying notes are an integral part of the financial statements.
6

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CONSUMER STAPLES — continued
Kimberly-Clark		1,640	$	215,152
Lamb Weston Holdings		846		73,509
McCormick		607		88,737
Mondelez International, Cl A		2,832		149,530
Philip Morris International		2,936		240,370
Pilgrim’s Pride *		10,166		215,112
Post Holdings *		974		98,627
Procter & Gamble		16,867		1,909,850
Sysco		3,379		225,210
Tyson Foods, Cl A		5,592		379,305
US Foods Holding *		3,024		101,728
Walmart		19,420		2,091,146
				9,029,656
ENERGY — 0.1%
Chevron		1,480		138,143
Kinder Morgan		2,862		54,865
Phillips 66		2,571		192,465
Valero Energy		3,894		257,977
				643,450
FINANCIALS — 4.5%
Aflac		8,892		381,022
Alleghany *		456		306,546
Allstate		3,196		336,379
Ally Financial		12,792		320,696
American Express		2,497		274,495
American Financial Group		1,361		125,784
American International Group		5,963		251,400
Ameriprise Financial		2,361		333,609
Aon		1,592		331,136
Arch Capital Group *		9,561		386,551
Assurant		1,848		222,850
Assured Guaranty		6,470		264,041
Axis Capital Holdings		4,645		260,677
Bank of America		72,315		2,060,977
Bank OZK		2,445		62,079
BlackRock, Cl A		508		235,209
Capital One Financial		2,412		212,883

The accompanying notes are an integral part of the financial statements.
7

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
FINANCIALS — continued
Chubb		3,348	$	485,560
Cincinnati Financial		3,798		354,125
Citigroup		19,008		1,206,248
Citizens Financial Group		8,478		268,668
CME Group, Cl A		208		41,355
Commerce Bancshares		1,435		87,592
Credit Acceptance *		249		100,397
Discover Financial Services		4,390		287,896
Eaton Vance		838		34,576
Erie Indemnity, Cl A		1,935		276,550
Evercore, Cl A		793		52,830
Everest Re Group		1,418		351,494
Fidelity National Financial		3,238		125,505
Fifth Third Bancorp		13,415		327,326
First American Financial		2,866		163,649
First Citizens BancShares, Cl A		166		75,249
Globe Life		911		84,413
Goldman Sachs Group		3,056		613,553
Hanover Insurance Group		1,940		229,968
Hartford Financial Services Group		4,524		225,974
Huntington Bancshares		15,565		190,983
Intercontinental Exchange		903		80,566
JPMorgan Chase		23,822		2,765,972
Kemper		1,256		86,463
KeyCorp		12,851		210,114
Legg Mason		1,258		62,674
Lincoln National		4,063		184,420
MarketAxess Holdings		1,180		382,709
Marsh & McLennan		2,839		296,846
Mercury General		3,114		134,867
MetLife		7,186		306,986
MGIC Investment		31,450		378,343
Morgan Stanley		4,756		214,163
Nasdaq		1,248		127,982
Navient		15,734		176,693
New York Community Bancorp		12,837		138,768
Northern Trust		1,104		96,887
Old Republic International		8,930		176,100

The accompanying notes are an integral part of the financial statements.
8

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
FINANCIALS — continued
PNC Financial Services Group		4,563	$	576,763
Popular		4,160		199,597
Primerica		836		93,080
Principal Financial Group		1,212		53,801
Progressive		3,665		268,131
Prosperity Bancshares		663		42,830
Prudential Financial		2,864		216,089
Regions Financial		12,462		168,486
Reinsurance Group of America, Cl A		376		45,883
RenaissanceRe Holdings		1,462		249,125
SEI Investments		599		32,771
State Street		2,549		173,612
SVB Financial Group *		460		95,754
Synchrony Financial		11,843		344,631
T Rowe Price Group		2,945		347,540
Travelers		2,681		321,211
Truist Financial		8,763		404,325
US Bancorp		12,480		579,571
Western Alliance Bancorp		1,482		68,231
Willis Towers Watson		1,221		231,074
WR Berkley		6,054		406,466
				22,689,769
HEALTH CARE — 1.5%
Amgen		966		192,939
Bio-Rad Laboratories, Cl A *		413		145,384
Bio-Techne		249		47,033
Boston Scientific *		1,892		70,742
Bristol-Myers Squibb		11,158		658,992
Bruker		3,744		163,089
Cerner		515		35,674
Charles River Laboratories International *		326		50,716
Chemed		570		238,043
CVS Health		1,942		114,928
Danaher		5,839		844,203
DaVita *		1,417		109,988
DENTSPLY SIRONA		4,384		215,868
Edwards Lifesciences *		2,320		475,229
Exact Sciences *		658		53,265

The accompanying notes are an integral part of the financial statements.
9

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Exelixis *		8,905	$	165,544
HCA Healthcare		367		46,613
Henry Schein *		1,065		64,901
Hill-Rom Holdings		809		77,704
Horizon Therapeutics *		12,709		434,902
Humana *		892		285,155
IDEXX Laboratories *		361		91,878
Intuitive Surgical *		114		60,871
Jazz Pharmaceuticals *		404		46,290
Laboratory Corp of America Holdings *		274		48,139
Masimo *		744		121,518
McKesson		736		102,937
Medtronic		5,437		547,343
Merck		1,602		122,649
Mettler-Toledo International *		52		36,488
Quest Diagnostics		1,368		145,090
ResMed		769		122,240
STERIS		673		106,751
Teleflex		485		162,485
Thermo Fisher Scientific		851		247,471
Universal Health Services, Cl B		1,998		247,232
Veeva Systems, Cl A *		1,993		282,946
West Pharmaceutical Services		536		80,700
Zimmer Biomet Holdings		501		68,211
Zoetis, Cl A		4,442		591,808
				7,723,959
INDUSTRIALS — 3.4%
AECOM *		1,596		71,724
AGCO		5,808		350,978
Alaska Air Group		1,595		80,484
Allegion		2,437		280,231
Allison Transmission Holdings		5,860		237,916
AMETEK		1,896		163,056
Arconic		4,467		131,106
Armstrong World Industries		2,743		274,711
Boeing		173		47,594
BWX Technologies		1,015		55,663
Carlisle		2,129		309,323

The accompanying notes are an integral part of the financial statements.
10

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
CH Robinson Worldwide		657	$	45,267
Cintas		1,493		398,243
Clean Harbors *		1,422		98,858
Copa Holdings, Cl A		899		74,743
Copart *		3,856		325,755
CoStar Group *		494		329,789
CSX		1,200		84,540
Cummins		2,707		409,542
Curtiss-Wright		965		115,742
Delta Air Lines		2,419		111,589
Donaldson		931		41,970
Dover		3,956		406,439
Eaton		5,518		500,593
Emerson Electric		3,295		211,242
Expeditors International of Washington		1,001		70,490
Fastenal		8,740		299,083
Flowserve		2,497		100,354
Fortune Brands Home & Security		3,707		228,907
Gardner Denver Holdings *		6,692		219,431
General Electric		22,281		242,417
HD Supply Holdings *		2,085		79,272
HEICO		2,671		288,067
Honeywell International		1,302		211,145
Hubbell, Cl B		1,886		251,291
Huntington Ingalls Industries		407		83,651
IDEX		853		126,244
IHS Markit		504		35,905
Illinois Tool Works		1,980		332,204
Ingersoll-Rand		4,673		603,004
ITT		3,825		230,074
Jacobs Engineering Group		3,653		337,318
JB Hunt Transport Services		387		37,322
Johnson Controls International		9,026		330,081
Kansas City Southern		1,374		207,034
L3Harris Technologies		970		191,798
Landstar System		522		52,706
Lockheed Martin		2,616		967,580
ManpowerGroup		2,676		203,215

The accompanying notes are an integral part of the financial statements.
11

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
Masco		9,326	$	385,350
Middleby *		1,496		167,268
Nordson		554		80,496
Norfolk Southern		1,267		231,038
Northrop Grumman		1,863		612,629
Old Dominion Freight Line		1,471		285,080
Oshkosh		4,061		293,001
Owens Corning		4,118		232,626
PACCAR		4,533		303,258
Parker-Hannifin		945		174,608
Regal Beloit		478		37,112
Republic Services, Cl A		3,839		346,508
Robert Half International		1,217		61,349
Snap-on		1,062		153,725
Southwest Airlines		4,017		185,545
Spirit AeroSystems Holdings, Cl A		590		31,176
Stanley Black & Decker		409		58,773
Teledyne Technologies *		1,039		350,476
Timken		2,486		111,472
Toro		1,733		123,788
Union Pacific		1,164		186,019
United Airlines Holdings *		1,963		120,901
United Parcel Service, Cl B		852		77,098
United Rentals *		2,147		284,434
United Technologies		2,499		326,344
Verisk Analytics, Cl A		1,823		282,766
Waste Management		2,298		254,641
Woodward		3,086		318,475
WW Grainger		282		78,266
XPO Logistics *		435		32,177
Xylem		1,535		118,717
				17,190,807
INFORMATION TECHNOLOGY — 7.1%
Accenture, Cl A		2,741		494,997
Akamai Technologies *		3,038		262,817
Alteryx, Cl A *		1,115		155,676
Analog Devices		1,392		151,798
ANSYS *		1,005		243,401

The accompanying notes are an integral part of the financial statements.
12

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Apple		30,651	$	8,378,757
Applied Materials		11,759		683,433
Aspen Technology *		1,183		126,001
Atlassian, Cl A *		296		42,908
Autodesk *		257		49,056
Automatic Data Processing		730		112,960
Avalara *		3,947		334,508
Booz Allen Hamilton Holding, Cl A		5,479		390,653
Broadridge Financial Solutions		1,543		161,027
CACI International, Cl A *		1,050		257,271
Cadence Design Systems *		6,339		419,262
CDW		3,616		413,019
Ciena *		1,750		67,288
Cisco Systems		2,709		108,170
Coupa Software *		964		144,359
DocuSign, Cl A *		529		45,658
Entegris		6,136		327,171
EPAM Systems *		1,419		316,721
Euronet Worldwide *		675		83,727
Fair Isaac *		873		328,274
FleetCor Technologies *		1,240		329,580
FLIR Systems		2,053		87,191
Fortinet *		1,141		116,451
Genpact		5,760		221,530
Global Payments		2,068		380,450
Intel		20,442		1,134,940
International Business Machines		2,975		387,196
Intuit		496		131,862
Jabil		8,858		283,899
Jack Henry & Associates		1,090		165,397
Keysight Technologies *		5,030		476,643
KLA		2,298		353,226
Lam Research		2,708		794,608
Leidos Holdings		3,813		391,404
Manhattan Associates *		2,617		176,281
Maxim Integrated Products		1,401		77,924
Microchip Technology		964		87,444
Micron Technology *		14,640		769,478

The accompanying notes are an integral part of the financial statements.
13

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Microsoft		51,239	$	8,301,230
MongoDB, Cl A *		706		107,665
Motorola Solutions		2,167		359,029
NortonLifeLock		2,019		38,422
NVIDIA		1,299		350,821
Okta, Cl A *		1,134		145,220
Oracle		746		36,897
Palo Alto Networks *		212		39,139
Paychex		1,646		127,532
Paycom Software *		1,316		371,967
Qorvo *		3,439		345,895
QUALCOMM		9,375		734,062
RingCentral, Cl A *		358		84,399
ServiceNow *		263		85,762
Skyworks Solutions		3,209		321,478
Smartsheet, Cl A *		952		44,078
Splunk *		516		76,022
SYNNEX		1,922		240,307
Synopsys *		2,410		332,411
Teradyne		7,098		417,078
Texas Instruments		3,960		451,994
Twilio, Cl A *		615		69,274
Ubiquiti		1,291		175,137
Universal Display		1,707		271,055
VeriSign *		893		169,447
VMware, Cl A *		456		54,957
Western Union		8,974		200,928
Xerox Holdings		10,677		343,800
Xilinx		1,171		97,767
Zebra Technologies, Cl A *		1,577		332,700
Zendesk *		1,591		126,182
Zscaler *		816		42,424
				35,359,495
MATERIALS — 0.9%
Air Products & Chemicals		2,542		558,249
AptarGroup		1,196		120,880
Ashland Global Holdings		611		43,711
Avery Dennison		933		106,819

The accompanying notes are an integral part of the financial statements.
14

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
MATERIALS — continued
Ball		4,037	$	284,447
Celanese, Cl A		2,254		211,290
CF Industries Holdings		2,818		103,871
Crown Holdings *		5,089		358,774
Ecolab		1,205		217,442
FMC		391		36,402
Graphic Packaging Holding		8,429		113,960
Martin Marietta Materials		1,362		309,896
NewMarket		192		74,609
Packaging Corp of America		1,478		133,936
PPG Industries		2,131		222,583
Reliance Steel & Aluminum		3,182		325,487
Royal Gold		1,042		100,522
RPM International		1,706		109,372
Scotts Miracle-Gro		3,264		345,951
Sherwin-Williams		842		435,104
Sonoco Products		2,284		110,112
Vulcan Materials		1,108		133,248
				4,456,665
REAL ESTATE — 0.4%
Apartment Investment & Management, Cl A ‡		4,167		199,349
CBRE Group, Cl A *		3,755		210,806
EPR Properties ‡		2,607		154,439
Equity Residential ‡		795		59,704
Extra Space Storage ‡		757		75,973
Healthpeak Properties ‡		4,939		156,270
Jones Lang LaSalle		627		92,652
Kimco Realty ‡		7,187		124,694
Life Storage ‡		758		81,796
Medical Properties Trust ‡		15,300		323,289
National Retail Properties ‡		1,555		79,072
Omega Healthcare Investors ‡		3,054		120,938
Spirit Realty Capital ‡		1,512		68,796
Sun Communities ‡		935		142,943
Ventas ‡		696		37,424
Welltower ‡		482		36,063
				1,964,208

The accompanying notes are an integral part of the financial statements.
15

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
UTILITIES — 0.2%
AES		3,565	$	59,642
Ameren		489		38,631
Atmos Energy		1,350		139,388
CMS Energy		1,072		64,770
Entergy		682		79,733
Hawaiian Electric Industries		2,753		117,939
OGE Energy		3,659		139,408
Pinnacle West Capital		776		69,444
Xcel Energy		904		56,337
				765,292
Total Common Stock
(Cost $115,887,667)				119,938,772

SHORT-TERM INVESTMENT — 1.8%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (B)
(Cost $8,956,824)	8,956,824		8,956,824
Total Investments — 100.4%
(Cost $498,668,653)		$	501,169,806

A list of open futures contracts held by the Fund at February 29, 2020, is as follows:

Type of Contract	Number of Contracts Long	Expiration Date		Notional Amount				Value				Unrealized Depreciation
S&P 500 Index E-MINI	17	Mar-2020		$	2,707,943			$	2,508,435			$	(199,508	)

A list of open total return swap agreements held by the Fund at February 29, 2020, is as follows:

Counterparty

Reference
Entity/
Obligation

Fund Pays

Fund
Receives

Payment
Frequency

Termination
Date

Currency

Notional
Amount

Value

Net
Unrealized
Depreciation

ReFlow

SPUSX NAV

SOFR +25 BPS

SPUSX

Annually

02/16/2021

USD

3,669,818

(567,592

)

(567,592

)

Percentages are based on Net Assets of $499,367,152.

*	Non-income producing security.

‡	Real Estate Investment Trust

The accompanying notes are an integral part of the financial statements.
16

SYMMETRY PANORAMIC US EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

(A)	Represents greater than 25% of the Fund’s total investments. For further financial information, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov.

(B)	The rate reported is the 7-day effective yield as of February 29, 2020.

BPS — Basis Points

Cl — Class

ETF — Exchange-Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

S&P — Standard & Poor’s

SOFR — Secured Overnight Financing Rate

SPUSX — Symmetry Panoramic US Equity Fund

USD — United States Dollar

VOL — Volatility

The following table summarizes the inputs used as of February 29, 2020, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Registered Investment Companies	$	372,274,210	$	—	$	—	$	372,274,210
Common Stock		119,938,772		—		—		119,938,772
Short-Term Investment		8,956,824		—		—		8,956,824
Total Investments in Securities	$	501,169,806	$	—	$	—	$	501,169,806

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts^
Unrealized Depreciation	$	(199,508	)	$	—		$	—	$	(199,508	)
Total Return Swap^
Unrealized Depreciation		—			(567,592	)		—		(567,592	)
Total Other Financial Instruments	$	(199,508	)	$	(567,592	)	$	—	$	(767,100	)

^	Futures contracts and swap contracts are valued at the unrealized depreciation on the instrument.

Amounts designated as “— “ are $0.

For the period ended February 29, 2020, there were no transfers in or out of level 3 securities.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.
17

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 66.7%
	Shares		Value
EQUITY FUNDS — 66.7%
DFA Emerging Markets Core Equity Portfolio, Cl I		2,682,408	$	52,038,713
DFA International Core Equity Portfolio, Cl I		1,529,238		18,671,999
DFA International Real Estate Securities, Cl I		4,013,484		18,421,892
DFA International Vector Equity Portfolio, Cl I		6,109,624		65,067,495
iShares Edge MSCI Min Vol EAFE ETF		246,049		16,933,092
iShares Edge MSCI Min Vol Emerging Markets ETF		200,818		10,715,649
Total Registered Investment Companies
(Cost $189,130,553)				181,848,840

COMMON STOCK — 30.3%
AUSTRALIA — 1.0%
Aristocrat Leisure	6,454	138,243
Aurizon Holdings	24,699	77,350
Australia & New Zealand Banking Group	2,407	38,632
Brambles	8,744	67,638
Coca-Cola Amatil	11,384	83,102
Coles Group	5,205	47,901
Commonwealth Bank of Australia	1,998	105,777
CSL	1,344	266,140
Dexus ‡	2,190	17,252
Fortescue Metals Group	47,251	300,416
Goodman Group ‡	16,781	162,916

The accompanying notes are an integral part of the financial statements.
18

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
AUSTRALIA — continued
Harvey Norman Holdings		34,623	$	83,310
Macquarie Group		584		50,987
Magellan Financial Group		4,288		153,841
Medibank Pvt		49,522		90,775
Mirvac Group ‡		68,430		134,275
National Australia Bank		5,331		86,545
Orica		9,615		123,474
QBE Insurance Group		9,195		80,694
REA Group		426		27,045
Santos		39,264		174,119
Sonic Healthcare		3,960		74,243
Suncorp Group		3,963		29,110
Telstra		80,186		178,713
Wesfarmers		2,418		63,558
Westpac Banking		3,026		46,336
Woolworths Group		2,779		69,917
				2,772,309
AUSTRIA — 0.1%
OMV		4,322		181,393
Verbund		1,674		79,041
				260,434
BELGIUM — 0.1%
Ageas		1,852		85,792
Proximus SADP		3,114		76,827
UCB		204		18,855
				181,474
BRAZIL — 0.6%
B3 - Brasil Bolsa Balcao		13,300		140,081
Banco do Brasil		17,000		176,162
BB Seguridade Participacoes		4,200		29,773
BR Malls Participacoes		6,500		23,692
CCR		6,400		23,142
Cia de Saneamento Basico do Estado de Sao Paulo ADR		11,466		149,402
Cia Siderurgica Nacional		38,400		95,315
Cosan		2,200		35,731
IRB Brasil Resseguros S		1,400		10,306
Itausa - Investimentos Itau		35,700		96,118

The accompanying notes are an integral part of the financial statements.
19

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
BRAZIL — continued
JBS		36,400	$	182,330
Lojas Renner		5,800		67,781
Multiplan Empreendimentos Imobiliarios		2,900		19,779
Natura & Holding		1,100		11,086
Petrobras Distribuidora		21,800		125,089
Sul America		12,400		147,794
TIM Participacoes ADR		4,097		73,869
Vale ADR, Cl B		8,785		86,269
WEG		21,900		209,602
				1,703,321
CANADA — 1.3%
Air Canada, Cl B *		5,592		142,690
Alimentation Couche-Tard, Cl B		8,020		243,543
AltaGas		4,689		70,112
Atco, Cl I		2,404		89,694
Bank of Montreal		238		16,173
BCE		4,871		213,928
Brookfield Asset Management, Cl A		5,888		352,118
CAE		2,720		72,770
Canadian Pacific Railway		581		143,998
Canadian Utilities, Cl A		661		19,560
CGI, Cl A *		2,261		158,864
CI Financial		7,196		119,500
Constellation Software		171		174,208
Dollarama		1,110		32,632
Empire		1,696		37,894
Gildan Activewear		580		14,048
H&R Real Estate Investment Trust ‡		1,225		17,714
Hydro One		1,413		28,360
iA Financial		3,215		153,031
IGM Financial		3,797		101,244
Intact Financial		1,902		206,163
Magna International		3,666		166,851
Manulife Financial		16,679		280,334
National Bank of Canada		2,925		152,041
Onex		748		41,996
Open Text		1,148		48,067
Royal Bank of Canada		1,839		136,762

The accompanying notes are an integral part of the financial statements.
20

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CANADA — continued
Shopify, Cl A *		82	$	38,073
Sun Life Financial		5,040		217,746
Toronto-Dominion Bank		546		28,084
Wheaton Precious Metals		1,709		48,599
WSP Global		928		61,166
				3,627,963
CHINA — 0.5%
Agricultural Bank of China, Cl A		35,800		17,438
Anhui Conch Cement, Cl A		4,300		33,764
Bank of Beijing, Cl A		31,100		22,681
Bank of China, Cl A		32,800		16,659
Bank of Communications, Cl A		25,400		18,927
Bank of Ningbo, Cl A		4,608		16,553
Bank of Shanghai, Cl A		15,700		19,374
Baoshan Iron & Steel, Cl A		18,500		13,768
BOE Technology Group, Cl A		45,600		31,868
BYD, Cl A		2,200		20,187
China Everbright Bank, Cl A		35,600		19,203
China Fortune Land Development, Cl A		5,200		17,537
China International Travel Service, Cl A		1,900		21,365
China Merchants Bank, Cl A		7,100		34,665
China Merchants Securities, Cl A		7,300		18,323
China Merchants Shekou Industrial Zone Holdings, Cl A		10,900		26,955
China Minsheng Banking, Cl A		28,800		23,559
China Pacific Insurance Group, Cl A		2,700		12,266
China Petroleum & Chemical, Cl A		25,000		16,498
China Railway Construction, Cl A		14,700		19,984
China Shipbuilding Industry, Cl A		29,000		18,325
China State Construction Engineering, Cl A		24,300		18,627
China United Network Communications, Cl A		21,300		16,687
China Vanke, Cl A		7,800		32,951
China Yangtze Power, Cl A		5,800		14,107
CITIC Securities, Cl A		9,300		31,079
CRRC, Cl A		15,500		14,201
Daqin Railway, Cl A		15,100		15,287
Foshan Haitian Flavouring & Food, Cl A		1,500		21,323
Gree Electric Appliances of Zhuhai, Cl A		2,500		21,639

The accompanying notes are an integral part of the financial statements.
21

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
Guotai Junan Securities, Cl A		7,200	$	17,398
Haier Smart Home, Cl A		7,342		18,145
Haitong Securities, Cl A		11,100		22,444
Hangzhou Hikvision Digital Technology, Cl A		8,335		41,646
Huatai Securities, Cl A		6,600		17,370
Huaxia Bank, Cl A		24,900		24,755
Industrial & Commercial Bank of China, Cl A		19,500		14,728
Industrial Bank, Cl A		7,200		17,762
Inner Mongolia Yili Industrial Group, Cl A		4,400		18,116
Jiangsu Hengrui Medicine, Cl A		4,100		49,321
Jiangsu Yanghe Brewery Joint-Stock, Cl A		1,200		16,729
Kweichow Moutai, Cl A		500		75,257
Luxshare Precision Industry, Cl A		7,700		51,870
Luzhou Laojiao, Cl A		1,900		20,284
Midea Group, Cl A		2,800		21,282
NARI Technology, Cl A		7,100		20,175
New China Life Insurance, Cl A		2,700		17,024
PetroChina, Cl A		21,900		15,839
Ping An Bank, Cl A		9,600		19,846
Ping An Insurance Group of China, Cl A		4,400		48,724
Poly Developments and Holdings Group, Cl A		11,900		27,412
SAIC Motor, Cl A		5,600		17,741
Sany Heavy Industry, Cl A		13,100		32,684
Shanghai Pudong Development Bank, Cl A		12,100		18,702
Shenwan Hongyuan Group, Cl A		24,800		16,616
Suning.com, Cl A		11,399		15,186
Tsingtao Brewery, Cl H		24,000		124,217
Wuliangye Yibin, Cl A		2,300		40,387
Yonghui Superstores, Cl A		9,400		11,599
				1,479,059
DENMARK — 0.3%
Carlsberg, Cl B		1,065		139,729
Chr Hansen Holding		294		20,976
Coloplast, Cl B		121		16,171
DSV Panalpina		1,519		153,027
Novo Nordisk, Cl B		4,966		290,255
Orsted		161		16,565
Tryg		3,167		87,611

The accompanying notes are an integral part of the financial statements.
22

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
DENMARK — continued
Vestas Wind Systems		493	$	47,856
				772,190
FINLAND — 0.3%
Elisa		1,640		93,876
Kone, Cl B		4,106		232,289
Neste		3,766		148,886
Orion, Cl B		442		17,566
Stora Enso, Cl R		1,971		23,527
UPM-Kymmene		6,426		197,778
				713,922
FRANCE — 2.3%
Air Liquide		2,483		337,954
Airbus		1,491		178,340
Amundi		2,519		180,551
Atos		612		45,630
AXA		12,346		286,719
BNP Paribas		8,243		400,608
Bouygues		3,729		146,782
Bureau Veritas		1,361		33,274
Capgemini		273		29,898
Carrefour		4,047		69,995
Cie de Saint-Gobain		2,970		104,135
Cie Generale des Etablissements Michelin SCA		1,804		192,464
Credit Agricole		26,259		314,974
Danone		2,032		143,178
Dassault Systemes		438		69,038
Edenred		695		36,265
Eiffage		518		55,174
EssilorLuxottica		313		42,608
Faurecia		3,620		164,871
Hermes International		429		300,129
Kering		76		42,729
Legrand		676		51,585
L’Oreal		279		74,498
LVMH Moet Hennessy Louis Vuitton		2,187		900,888
Pernod Ricard		220		35,613
Peugeot		8,665		168,561
Safran		1,403		193,576

The accompanying notes are an integral part of the financial statements.
23

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
FRANCE — continued
Sanofi		3,409	$	316,868
Sartorius Stedim Biotech		542		103,036
Schneider Electric		4,005		400,649
SCOR		878		31,564
Societe Generale		3,534		99,681
Sodexo		990		94,948
Suez		6,718		106,306
Teleperformance		127		30,935
Thales		301		30,310
Valeo		5,331		134,730
Veolia Environnement		4,190		120,214
Vinci		1,632		164,837
				6,234,115
GERMANY — 1.0%
adidas		1,148		319,094
Allianz		2,481		535,157
Brenntag		1,896		84,866
Carl Zeiss Meditec		1,371		143,822
Deutsche Boerse		506		79,670
Deutsche Post		6,125		184,038
Evonik Industries		1,867		46,393
GEA Group		4,183		111,057
Hannover Rueck		1,586		283,164
HeidelbergCement		2,670		159,255
KION Group		741		39,558
MTU Aero Engines		150		36,895
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		848		216,429
Puma		399		30,615
RWE		463		15,989
SAP		2,378		294,404
Volkswagen		1,563		263,649
				2,844,055
HONG KONG — 5.5%
Agile Group Holdings		80,000		111,846
Agricultural Bank of China, Cl H		332,000		132,136
Air China, Cl H		24,000		19,168
Anhui Conch Cement, Cl H		48,500		353,654

The accompanying notes are an integral part of the financial statements.
24

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
ANTA Sports Products		22,000	$	177,190
ASM Pacific Technology		8,900		104,916
BAIC Motor, Cl H		158,500		77,685
Bank of China, Cl H		724,000		284,673
Bank of Communications, Cl H		17,000		10,814
BOC Aviation		1,900		16,509
Bosideng International Holdings		236,000		68,821
BYD Electronic International		14,000		26,219
China Agri-Industries Holdings		146,000		79,181
China Aoyuan Group		113,000		161,433
China Coal Energy, Cl H		36,000		11,621
China Conch Venture Holdings		5,500		26,749
China Construction Bank, Cl H		1,252,000		1,007,692
China Everbright Bank, Cl H		496,000		198,693
China Jinmao Holdings Group		236,000		171,068
China Lesso Group Holdings		122,000		182,386
China Medical System Holdings		104,000		128,078
China Mengniu Dairy		3,000		10,723
China Merchants Bank, Cl H		171,000		809,518
China Minsheng Banking, Cl H		385,000		257,989
China National Building Material, Cl H		162,000		185,784
China Overseas Land & Investment		66,000		219,784
China Resources Beer Holdings		16,000		73,623
China Resources Cement Holdings		114,000		142,781
China Resources Gas Group		18,000		89,663
China Resources Land		62,000		283,875
China Shenhua Energy, Cl H		10,500		18,119
China Tower, Cl H		476,000		114,583
China Unicom Hong Kong		74,000		58,369
China Vanke, Cl H		36,400		139,279
CIFI Holdings Group		222,000		168,188
CITIC		10,000		11,012
CK Asset Holdings		4,000		24,685
CNOOC		303,000		414,139
Country Garden Holdings		176,000		231,253
Country Garden Services Holdings		43,000		166,573
CSPC Pharmaceutical Group		76,000		173,345
ENN Energy Holdings		5,300		58,481

The accompanying notes are an integral part of the financial statements.
25

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
Geely Automobile Holdings		91,000	$	157,239
Great Wall Motor, Cl H		207,500		149,405
Guangzhou R&F Properties		45,200		69,777
Haier Electronics Group		41,000		116,760
Haitian International Holdings		29,000		56,989
Hang Lung Properties		13,000		28,092
Henderson Land Development		7,300		33,451
Hua Hong Semiconductor		4,000		8,480
Industrial & Commercial Bank of China, Cl H		1,951,000		1,318,590
Kaisa Group Holdings		213,000		94,178
Kerry Properties		7,500		21,205
Kingboard Laminates Holdings		96,500		95,518
KWG Group Holdings		125,500		182,109
Lenovo Group		32,000		19,595
Li Ning		58,000		153,454
Link ‡		2,200		20,308
Logan Property Holdings		108,000		183,719
Longfor Group Holdings		61,000		282,593
Luye Pharma Group		24,000		14,592
Meituan Dianping, Cl B *		38,400		487,041
MTR		7,000		39,065
New China Life Insurance, Cl H		3,100		11,673
New World Development		18,000		23,020
PICC Property & Casualty, Cl H		174,000		178,718
Ping An Insurance Group of China, Cl H		109,000		1,208,226
Postal Savings Bank of China, Cl H		571,000		358,277
Seazen Group		160,000		163,510
Shandong Weigao Group Medical Polymer, Cl H		112,000		143,050
Shenzhen Expressway, Cl H		32,000		38,706
Shenzhen Investment		154,000		51,422
Shenzhou International Group Holdings		900		10,830
Shimao Property Holdings		56,500		200,561
Shui On Land		79,000		15,619
Sino Biopharmaceutical		102,000		147,299
Sinopec Engineering Group, Cl H		28,000		13,887
Sinopharm Group, Cl H		6,400		19,646
Sinotruk Hong Kong		66,500		126,391
SSY Group		12,000		10,002

The accompanying notes are an integral part of the financial statements.
26

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
Sun Art Retail Group		11,500	$	14,874
Sun Hung Kai Properties		3,000		42,212
Sunac China Holdings		53,000		286,269
Techtronic Industries		4,000		32,214
Tingyi Cayman Islands Holding		30,000		54,601
Uni-President China Holdings		45,000		46,443
Vitasoy International Holdings		6,000		21,577
Want Want China Holdings		96,000		73,511
Weichai Power, Cl H		125,000		249,118
WH Group		152,000		154,209
Wheelock		3,000		22,885
Xinjiang Goldwind Science & Technology, Cl H		13,600		13,607
Yanzhou Coal Mining, Cl H		152,000		114,949
Yihai International Holding		21,000		140,758
Yue Yuen Industrial Holdings		7,500		17,988
Yuexiu Property		502,000		101,765
Yuzhou Properties		257,000		126,056
Zhejiang Expressway, Cl H		14,000		10,506
Zhongsheng Group Holdings		40,000		151,261
Zoomlion Heavy Industry Science and Technology		206,200		171,294
				15,101,392
HUNGARY — 0.0%
OTP Bank Nyrt		2,057		89,540

INDONESIA — 0.2%
Adaro Energy		1,377,600		111,004
Bank Central Asia		4,400		9,680
Bank Mandiri Persero		36,500		18,377
Bank Negara Indonesia Persero		55,700		27,166
Bank Rakyat Indonesia Persero		755,900		220,201
Bumi Serpong Damai *		411,300		28,687
Gudang Garam		2,900		10,300
Indofood Sukses Makmur		134,600		60,885
Jasa Marga Persero		37,400		12,177
Pakuwon Jati		656,800		24,237
Semen Indonesia Persero		12,100		8,890
XL Axiata *		516,100		93,088
				624,692

The accompanying notes are an integral part of the financial statements.
27

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
ITALY — 0.9%
Assicurazioni Generali		13,494	$	241,663
Enel		58,524		492,056
Ferrari		1,460		229,450
Intesa Sanpaolo		122,005		296,058
Leonardo		7,132		73,560
Mediobanca Banca di Credito Finanziario		15,697		142,766
Moncler		1,188		46,364
Poste Italiane		19,284		205,153
Prysmian		3,611		85,982
Recordati		1,626		69,742
Snam		7,302		36,081
STMicroelectronics		8,700		236,932
Terna Rete Elettrica Nazionale		11,972		79,283
UniCredit		13,737		175,225
				2,410,315
JAPAN — 5.5%
ABC-Mart		1,900		106,747
Advantest		5,100		228,368
AGC		600		16,779
Air Water		2,300		30,201
Alfresa Holdings		1,100		19,122
Alps Alpine		800		11,804
Amada Holdings		11,200		103,077
Asahi Intecc		3,300		77,589
Asahi Kasei		4,100		33,667
Astellas Pharma		5,200		81,228
Bandai Namco Holdings		4,300		212,474
Bridgestone		4,500		148,919
Brother Industries		6,200		107,123
Casio Computer		5,200		89,021
Central Japan Railway		800		130,087
Chubu Electric Power		1,200		15,514
Chugai Pharmaceutical		2,800		302,790
Credit Saison		2,300		32,991
Dai Nippon Printing		3,900		92,520
Daiichi Sankyo		4,900		298,276
Daikin Industries		1,100		148,323
Disco		400		78,264

The accompanying notes are an integral part of the financial statements.
28

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
East Japan Railway		1,200	$	92,302
Fast Retailing		100		49,507
Fuji Electric		1,000		26,890
FUJIFILM Holdings		4,200		203,348
Fujitsu		2,400		249,612
Hakuhodo DY Holdings		7,300		83,039
Hamamatsu Photonics		700		26,989
Hikari Tsushin		700		131,989
Hirose Electric		400		42,272
Hitachi		8,500		282,900
Hitachi High-Technologies		3,200		232,216
Honda Motor		1,300		33,249
Hoshizaki		300		25,234
Hoya		3,800		332,681
ITOCHU		12,900		293,451
Itochu Techno-Solutions		5,400		147,033
Japan Airlines		1,300		31,888
Japan Airport Terminal		700		27,176
Japan Prime Realty Investment ‡		21		92,564
Japan Real Estate Investment ‡		19		129,540
JSR		4,100		71,092
Kakaku.com		2,800		59,422
Kamigumi		3,200		61,018
Kaneka		1,500		39,837
Kansai Paint		3,700		80,007
Kao		400		28,967
KDDI		11,800		333,347
Keihan Holdings		3,100		125,107
Keio		1,600		76,459
Keyence		300		94,600
Kobayashi Pharmaceutical		400		28,901
Kyocera		3,700		230,011
Lion		1,200		19,432
LIXIL Group		5,500		81,220
M3		4,100		104,569
Marubeni		5,400		35,343
Marui Group		1,300		25,411
Medipal Holdings		5,800		104,045

The accompanying notes are an integral part of the financial statements.
29

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
MEIJI Holdings		600	$	35,112
Minebea Mitsumi		2,000		34,539
Mitsubishi		4,700		115,931
Mitsubishi Electric		14,000		173,573
Mitsubishi Heavy Industries		3,900		122,628
Mitsubishi UFJ Lease & Finance		13,000		73,470
Mitsui		4,500		73,929
Mitsui Fudosan		900		20,475
MS&AD Insurance Group Holdings		6,000		191,995
Murata Manufacturing		2,000		103,518
Nabtesco		900		23,825
Nexon		2,000		31,555
NGK Spark Plug		2,700		43,640
Nintendo		500		169,225
Nippon Building Fund ‡		17		127,455
Nippon Paint Holdings		900		40,571
Nippon Telegraph & Telephone		20,100		468,887
Nisshin Seifun Group		2,400		39,919
Nitto Denko		900		44,568
Nomura Holdings		8,500		37,343
Nomura Real Estate Holdings		1,500		32,334
Nomura Research Institute		7,300		159,951
NTT Data		7,500		88,392
Obayashi		3,000		29,915
Obic		1,400		169,272
Olympus		14,400		259,248
Omron		3,000		157,415
Oracle Japan		700		53,690
Oriental Land		1,200		135,664
ORIX		1,700		27,285
Otsuka		2,600		112,119
Pan Pacific International Holdings		5,000		82,348
Park24		1,000		19,444
Persol Holdings		2,200		29,165
Recruit Holdings		6,200		209,303
Ricoh		2,600		23,951
Rohm		300		19,289
Sankyo		1,700		55,322

The accompanying notes are an integral part of the financial statements.
30

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Santen Pharmaceutical		1,200	$	19,219
Secom		1,200		94,207
Sega Sammy Holdings		1,800		23,493
Sekisui Chemical		4,100		59,736
Sekisui House		8,200		158,731
SG Holdings		5,400		105,727
Shimadzu		2,600		62,459
Shimano		200		27,791
Shimizu		5,100		45,605
Shin-Etsu Chemical		3,000		328,556
Shinsei Bank		2,200		28,767
Shionogi		1,000		53,352
Shiseido		400		23,538
SMC		300		117,577
SoftBank Group		1,500		69,180
Sohgo Security Services		600		27,742
Sony		1,600		100,889
Sony Financial Holdings		3,800		75,090
Subaru		7,000		167,064
SUMCO		2,300		34,085
Sumitomo		2,200		31,162
Sumitomo Electric Industries		1,200		14,117
Sumitomo Heavy Industries		2,200		46,980
Sumitomo Mitsui Trust Holdings		600		20,317
Suzuken		2,900		94,149
Sysmex		900		57,439
Taiheiyo Cement		1,200		29,315
Taiyo Nippon Sanso		4,500		79,781
TDK		1,800		171,115
Teijin		1,600		26,073
Terumo		3,800		121,437
THK		1,800		40,524
Toho		3,100		93,627
Toho Gas		2,800		93,980
Tokio Marine Holdings		2,800		148,082
Tokyo Electron		1,400		288,346
Tokyo Gas		2,400		48,083
Toppan Printing		5,800		100,214

The accompanying notes are an integral part of the financial statements.
31

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Tosoh		3,400	$	45,741
Toyo Suisan Kaisha		1,800		69,931
Toyoda Gosei		2,600		55,864
Toyota Industries		2,200		113,355
Toyota Motor		15,100		989,105
Toyota Tsusho		700		20,748
Unicharm		2,200		69,926
Welcia Holdings		500		29,559
West Japan Railway		1,400		97,744
Yamaha		1,900		92,126
Yamazaki Baking		1,100		18,195
Yokogawa Electric		2,400		38,405
Yokohama Rubber		2,700		43,489
Z Holdings		29,100		104,869
				15,050,423
MALAYSIA — 0.2%
AMMB Holdings		60,700		53,208
Fraser & Neave Holdings		1,400		10,183
Gamuda		99,600		78,062
Hong Leong Financial Group		10,000		36,239
Malaysia Airports Holdings		10,500		16,487
MISC		26,100		46,932
Petronas Dagangan		2,500		13,588
RHB Bank		58,800		77,426
Sime Darby		25,500		12,079
Telekom Malaysia		138,600		121,355
				465,559
MEXICO — 0.2%
Fibra Uno Administracion ‡		69,400		105,107
Grupo Aeroportuario del Pacifico, Cl B		4,900		53,025
Grupo Bimbo, Ser A		13,200		19,911
Grupo Financiero Banorte, Cl O		2,900		15,856
Grupo Mexico		66,300		156,664
Kimberly-Clark de Mexico, Cl A		35,600		67,771
Megacable Holdings		6,200		20,821
Promotora y Operadora de Infraestructura		2,830		27,726
Wal-Mart de Mexico		7,700		21,677
				488,558

The accompanying notes are an integral part of the financial statements.
32

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
NETHERLANDS — 0.5%
ASML Holding		2,742	$	751,895
Heineken		416		41,419
Koninklijke Ahold Delhaize		1,524		35,614
Koninklijke DSM		2,094		235,483
Koninklijke KPN		13,687		33,258
Koninklijke Philips		1,837		78,429
Randstad		2,620		135,005
Wolters Kluwer		1,455		106,353
				1,417,456
NORWAY — 0.1%
DNB		908		15,101
Gjensidige Forsikring		3,808		76,674
Orkla		10,695		90,064
Schibsted, Cl B		962		23,116
				204,955
PHILIPPINES — 0.1%
Globe Telecom		1,525		53,178
International Container Terminal Services		8,270		17,158
Manila Electric		1,990		10,529
Megaworld		229,700		15,330
Robinsons Land		149,100		62,218
Universal Robina		5,240		14,508
				172,921
POLAND — 0.1%
CD Projekt		1,809		128,812
Cyfrowy Polsat		12,417		80,035
Dino Polska *		584		21,154
KGHM Polska Miedz		1,531		27,686
Orange Polska		49,341		77,813
Polski Koncern Naftowy ORLEN		1,339		20,076
Powszechna Kasa Oszczednosci Bank Polski		4,038		32,292
				387,868
PORTUGAL — 0.1%
Jeronimo Martins SGPS		7,975		140,491

SINGAPORE — 0.2%
Ascendas Real Estate Investment Trust ‡		19,500		42,862
CapitaLand Mall Trust ‡		43,000		70,378

The accompanying notes are an integral part of the financial statements.
33

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SINGAPORE — continued
ComfortDelGro		49,600	$	69,513
Singapore Technologies Engineering		8,700		26,197
United Overseas Bank		900		15,928
Venture		1,400		16,522
Wilmar International		76,600		218,114
				459,514
SOUTH AFRICA — 0.5%
Absa Group		6,471		55,711
Anglo American Platinum		2,853		191,310
AngloGold Ashanti ADR		7,470		130,352
Bidvest Group		1,323		15,258
Capitec Bank Holdings		279		23,408
Clicks Group		4,236		64,499
Exxaro Resources		5,798		41,904
FirstRand		2,779		9,892
Foschini Group		4,363		35,098
Gold Fields ADR		12,383		73,431
Impala Platinum Holdings *		19,398		153,965
Investec		3,752		19,180
Kumba Iron Ore		5,477		99,667
Liberty Holdings		3,634		21,980
Momentum Metropolitan Holdings		41,567		47,497
MTN Group		17,328		81,903
Pick n Pay Stores		4,249		15,096
RMB Holdings		2,794		12,635
Sanlam		4,220		17,726
Sibanye Stillwater		47,268		95,354
SPAR Group		927		9,821
Standard Bank Group		2,218		21,069
Telkom SOC		19,380		32,478
Vodacom Group		3,995		28,232
				1,297,466
SOUTH KOREA — 1.3%
BGF retail		136		16,934
Cheil Worldwide		2,814		44,713
Coway		603		34,206
Daelim Industrial *		708		42,099
Doosan Bobcat		1,247		29,086
Fila Korea		430		13,619

The accompanying notes are an integral part of the financial statements.
34

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SOUTH KOREA — continued
GS Retail		868	$	25,194
Hanon Systems		2,992		25,946
Hyundai Glovis		618		62,298
Hyundai Mobis		949		164,701
Kakao		511		72,849
Kangwon Land *		1,980		37,353
Kia Motors		6,717		199,402
Korea Investment Holdings *		1,549		80,113
Korea Zinc *		311		106,564
KT&G		410		28,536
LG		187		10,422
LG Electronics		373		18,594
LG Innotek		248		26,691
Meritz Securities		10,449		29,901
NCSoft		122		65,075
Posco International		3,022		37,276
Samsung Card		1,312		36,309
Samsung Electronics		37,183		1,644,810
Samsung Engineering *		3,526		40,869
Shinhan Financial Group		1,517		40,193
Shinsegae		110		21,288
SK Hynix		5,931		422,881
SK Telecom		109		19,029
				3,396,951
SPAIN — 0.2%
ACS Actividades de Construccion y Servicios		1,944		57,940
Aena SME		591		94,950
Iberdrola		31,951		364,957
				517,847
SWEDEN — 0.8%
Assa Abloy, Cl B		7,917		177,959
Atlas Copco, Cl A		10,956		391,456
Boliden		2,701		56,097
Electrolux		3,402		69,158
Epiroc, Cl A		6,838		78,903
Essity, Cl B		2,515		75,338
Hennes & Mauritz, Cl B		13,560		245,718
Hexagon, Cl B		302		16,184

The accompanying notes are an integral part of the financial statements.
35

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SWEDEN — continued
Husqvarna, Cl B		3,124	$	20,947
Investor, Cl B		1,869		93,226
L E Lundbergforetagen, Cl B		2,653		110,000
Sandvik		11,230		185,900
Securitas, Cl B		1,928		26,213
Skandinaviska Enskilda Banken, Cl A		5,210		49,820
Skanska, Cl B		6,668		145,163
SKF, Cl B		11,096		195,008
Tele2, Cl B		4,405		64,066
Volvo, Cl B		10,800		168,373
				2,169,529
SWITZERLAND — 1.9%
Adecco Group		2,567		137,210
Baloise Holding		412		66,355
Chocoladefabriken Lindt & Spruengli		5		39,005
EMS-Chemie Holding		88		51,546
Geberit		375		186,921
Kuehne + Nagel International		1,107		161,868
LafargeHolcim		5,067		236,540
Nestle		13,464		1,382,322
Novartis		6,571		556,150
Partners Group Holding		42		36,345
Roche Holding		3,987		1,282,582
Sika		198		35,295
Sonova Holding		675		160,903
Straumann Holding		52		48,638
Swiss Life Holding		554		253,077
Swisscom		98		52,277
Vifor Pharma		876		146,398
Zurich Insurance Group		1,153		445,680
				5,279,112
TAIWAN — 2.7%
Accton Technology		19,000		100,640
Acer		72,000		38,209
Advantech		9,000		85,753
ASE Technology Holding		56,000		128,269
Asia Cement		92,000		133,229
Catcher Technology		20,000		150,961

The accompanying notes are an integral part of the financial statements.
36

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
TAIWAN — continued
Chailease Holding		23,110	$	85,436
Chang Hwa Commercial Bank		134,420		102,100
Chicony Electronics		39,000		105,339
Compal Electronics		18,000		10,861
CTBC Financial Holding		80,000		59,168
Delta Electronics		12,000		53,972
E.Sun Financial Holding		205,215		193,965
Eclat Textile		3,000		34,806
Eva Airways		152,310		59,919
Far Eastern New Century		48,000		44,263
Feng TAY Enterprise		4,900		27,118
First Financial Holding		52,650		40,920
Formosa Petrochemical		11,000		30,808
Formosa Taffeta		39,000		42,739
Foxconn Technology		40,000		77,401
Fubon Financial Holding		31,000		44,839
Giant Manufacturing		9,000		48,224
Globalwafers		8,000		104,393
Hon Hai Precision Industry		115,000		291,945
Hotai Motor		6,000		121,231
Hua Nan Financial Holdings		16,872		11,841
Inventec		64,000		47,761
Largan Precision		1,000		140,713
Lite-On Technology		75,000		106,002
MediaTek		22,000		257,081
Mega Financial Holding		54,000		57,089
Micro-Star International		39,000		114,489
Nan Ya Plastics		5,000		11,129
Nanya Technology		64,000		159,667
Nien Made Enterprise		6,000		46,891
Novatek Microelectronics		27,000		167,662
Pegatron		74,000		149,014
Phison Electronics		7,000		74,893
Pou Chen		43,000		47,866
Powertech Technology		41,000		135,010
President Chain Store		3,000		29,028
Quanta Computer		25,000		50,074
Realtek Semiconductor		23,000		166,848

The accompanying notes are an integral part of the financial statements.
37

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
TAIWAN — continued
Shanghai Commercial & Savings Bank *		37,843	$	62,089
SinoPac Financial Holdings		246,000		104,170
Standard Foods		31,000		68,565
Synnex Technology International		42,000		51,481
Taiwan Business Bank		345,450		135,557
Taiwan Cement		110,973		153,127
Taiwan Cooperative Financial Holding		154,500		105,931
Taiwan High Speed Rail		20,000		22,528
Taiwan Semiconductor Manufacturing ADR		28,513		1,535,140
Uni-President Enterprises		12,000		28,671
United Microelectronics		261,000		127,133
Vanguard International Semiconductor		29,000		69,689
Walsin Technology		20,000		135,720
Win Semiconductors		10,000		84,743
Winbond Electronics		192,000		99,163
Wistron		146,000		127,938
Wiwynn *		8,000		185,093
Yageo		7,000		90,606
Yuanta Financial Holding		171,000		107,144
Zhen Ding Technology Holding		50,000		186,594
				7,470,648
THAILAND — 0.2%
Advanced Info Service NVDR		19,500		124,069
Bangkok Bank NVDR		4,800		20,078
Bangkok Dusit Medical Services NVDR		31,800		22,482
CP ALL NVDR		4,800		10,037
Home Product Center NVDR		35,200		14,390
Kasikornbank NVDR		4,200		15,894
Krung Thai Bank NVDR		58,700		26,104
Land & Houses NVDR		112,000		29,911
PTT NVDR		23,700		29,440
PTT Exploration & Production NVDR		25,600		87,435
Siam Commercial Bank NVDR		10,400		28,903
Srisawad NVDR		15,100		32,461
Thai Union Group NVDR		34,300		16,719
				457,923
TURKEY — 0.3%
Akbank T.A.S.		109,048		118,648

The accompanying notes are an integral part of the financial statements.
38

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
TURKEY — continued
Anadolu Efes Biracilik Ve Malt Sanayii		5,266	$	18,573
Arcelik		41,375		123,509
BIM Birlesik Magazalar		2,567		19,794
Eregli Demir ve Celik Fabrikalari		75,092		99,830
Ford Otomotiv Sanayi		8,023		100,906
KOC Holding		42,575		118,088
TAV Havalimanlari Holding		2,660		8,718
Turkcell Iletisim Hizmetleri		9,194		20,722
Turkiye Garanti Bankasi		77,424		118,820
Turkiye Is Bankasi, Cl C		128,332		117,975
				865,583
UNITED KINGDOM — 1.3%
Admiral Group		2,931		80,073
Anglo American		3,959		91,749
Antofagasta		1,525		14,941
Ashtead Group		2,476		76,301
Associated British Foods		885		25,605
AstraZeneca		6,880		602,169
Auto Trader Group		4,696		31,357
BAE Systems		3,592		28,158
Barratt Developments		26,089		253,835
Berkeley Group Holdings		2,425		148,789
BHP Group		1,273		23,415
British American Tobacco		4,125		162,162
Burberry Group		755		16,125
Compass Group		1,799		39,622
Croda International		450		26,273
Diageo		2,000		71,050
Direct Line Insurance Group		7,077		28,078
Evraz		5,304		22,450
Experian		6,188		206,472
GlaxoSmithKline		1,261		25,192
GVC Holdings		5,241		53,960
Halma		5,740		143,287
Meggitt		10,457		73,524
Melrose Industries		38,413		104,538
Micro Focus International		4,907		47,048
National Grid		3,250		41,020

The accompanying notes are an integral part of the financial statements.
39

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM — continued
Next		1,650	$	129,377
Persimmon		1,214		44,588
RELX		3,655		87,646
Rentokil Initial		10,623		66,298
Rio Tinto		8,883		418,600
Sage Group		4,205		37,127
Smith & Nephew		1,772		39,595
Spirax-Sarco Engineering		369		40,148
Taylor Wimpey		82,426		215,798
Unilever		650		34,867
United Utilities Group		2,190		26,572
Whitbread		730		36,918
WPP		1,371		13,230
				3,627,957
Total Common Stock
(Cost $81,706,899)				82,685,542

PREFERRED STOCK — 0.2%
BRAZIL — 0.2% ⁽¹⁾
Cia Brasileira de Distribuicao	1,100	17,824
Petroleo Brasileiro	81,900	458,775
Telefonica Brasil	13,500	161,116
Total Preferred Stock
(Cost $710,846)		637,715

SHORT-TERM INVESTMENT — 3.0%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (A)
(Cost $8,226,822)	8,226,822		8,226,822
Total Investments — 100.2%
(Cost $279,775,120)		$	273,398,919

The accompanying notes are an integral part of the financial statements.
40

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

A list of open futures contracts held by the Fund at February 29, 2020, is as follows:

Type of Contract	Number of Contracts Long	Expiration Date	Notional Amount		Value		Unrealized Depreciation
MSCI Emerging Markets	11	Mar-2020	$	612,401	$	554,840	$	(57,561	)
S&P TSX 60 Index	7	Mar-2020		1,096,545		1,012,986		(49,265	)
SGX Nifty 50	145	Mar-2020		3,425,998		3,238,430		(187,568	)
			$	5,134,944	$	4,806,256	$	(294,394	)

A list of open total return swap agreements held by the Fund at February, 2020, is as follows:

Counterparty

Reference
Entity/
Obligation

Fund Pays

Fund
Receives

Payment
Frequency

Termination
Date

Currency

Notional
Amount

Value

Net
Unrealized
Depreciation

ReFlow

SPILX NAV

SOFR +35 BPS

SPILX

Annually

02/16/2021

USD

1,822,708

(211,342

)

(211,342

)

Percentages are based on Net Assets of $272,811,242.

*	Non-income producing security.

‡	Real Estate Investment Trust

(1)	Rate is not available.

(A)	The rate reported is the 7-day effective yield as of February 29, 2020.

ADR — American Depositary Receipt

BPS — Basis Points

Cl — Class

EAFE — Europe, Australasia and Far East

ETF — Exchange-Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

NVDR— Non-Voting Depository Receipt

S&P— Standard & Poor’s

SGX — Singapore Exchange

SOFR — Secured Overnight Financing Rate

SPILX — Symmetry Panoramic International Equity Fund

TSX — Toronto Stock Exchange

USD — United States Dollar

VOL — Volatility

The accompanying notes are an integral part of the financial statements.
41

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

The following table summarizes the inputs used as of February 29, 2020, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Registered Investment Companies	$	181,848,840	$	—	$	—	$	181,848,840
Common Stock
Australia		2,772,309		—		—		2,772,309
Austria		260,434		—		—		260,434
Belgium		181,474		—		—		181,474
Brazil		1,703,321		—		—		1,703,321
Canada		3,627,963		—		—		3,627,963
China		1,479,059		—		—		1,479,059
Denmark		772,190		—		—		772,190
Finland		713,922		—		—		713,922
France		6,234,115		—		—		6,234,115
Germany		2,844,055		—		—		2,844,055
Hong Kong		15,101,392		—		—		15,101,392
Hungary		89,540		—		—		89,540
Indonesia		624,692		—		—		624,692
Italy		2,410,315		—		—		2,410,315
Japan		15,050,423		—		—		15,050,423
Malaysia		465,559		—		—		465,559
Mexico		488,558		—		—		488,558
Netherlands		1,417,456		—		—		1,417,456
Norway		204,955		—		—		204,955
Philippines		172,921		—		—		172,921
Poland		387,868		—		—		387,868
Portugal		140,491		—		—		140,491
Singapore		459,514		—		—		459,514
South Africa		1,297,466		—		—		1,297,466
South Korea		3,396,951		—		—		3,396,951
Spain		517,847		—		—		517,847
Sweden		2,169,529		—		—		2,169,529
Switzerland		5,279,112		—		—		5,279,112
Taiwan		6,830,550		640,098		—		7,470,648
Thailand		457,923		—		—		457,923
Turkey		865,583		—		—		865,583
United Kingdom		3,627,957		—		—		3,627,957
Total Common Stock		82,045,444		640,098		—		82,685,542
Preferred Stock
Brazil		637,715		—		—		637,715
Short-Term Investment		8,226,822		—		—		8,226,822
Total Investments in Securities	$	272,758,821	$	640,098	$	—	$	273,398,919

The accompanying notes are an integral part of the financial statements.
42

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts^
Unrealized Depreciation	$	(294,394	)	$	—		$	—	$	(294,394	)
Total Return Swap^
Unrealized Depreciation		—			(211,342	)		—		(211,342	)
Total Other Financial Instruments	$	(294,394	)	$	(211,342	)	$	—	$	(505,736	)

^	Futures contracts and swap contracts are valued at the unrealized depreciation on the instrument.

Amounts designated as “—” are $0.

For the period ended February 29, 2020, there were no transfers in or out of level 3 securities.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.
43

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 71.0%
	Shares		Value
EQUITY FUNDS — 71.0%
DFA Emerging Markets Core Equity Portfolio, Cl I		2,296,204	$	44,546,366
DFA International Core Equity Portfolio, Cl I		1,098,625		13,414,206
DFA International Real Estate Securities, Cl I		2,556,511		11,734,385
DFA International Vector Equity Portfolio, Cl I		4,851,593		51,669,463
DFA Real Estate Securities Portfolio, Cl I		568,190		21,937,806
DFA US Core Equity 2 Portfolio, Cl I		3,261,461		68,914,679
DFA US Large Capital Value Portfolio, Cl I		331,526		10,996,731
DFA US Targeted Value Portfolio, Cl I		236,680		4,582,125
DFA US Vector Equity Portfolio, Cl I		4,395,901		74,466,570
iShares Edge MSCI Min Vol Global ETF		565,609		51,000,963
Vanguard U.S. Value Factor		83,900		5,434,203
Total Registered Investment Companies
(Cost $363,961,545)				358,697,497

COMMON STOCK — 26.9%
AUSTRALIA — 0.5%
Aristocrat Leisure	5,048	108,127
Aurizon Holdings	17,052	53,402
Australia & New Zealand Banking Group	1,224	19,645
Brambles	7,362	56,947
Coca-Cola Amatil	8,442	61,626
Coles Group	4,026	37,051

The accompanying notes are an integral part of the financial statements.
44

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
AUSTRALIA — continued
Commonwealth Bank of Australia		1,741	$	92,171
Crown Resorts		1,799		11,878
CSL		1,044		206,734
Dexus ‡		2,210		17,409
Fortescue Metals Group		37,311		237,219
Goodman Group ‡		13,255		128,685
Harvey Norman Holdings		24,777		59,618
Macquarie Group		713		62,249
Magellan Financial Group		3,390		121,623
Medibank Pvt		40,537		74,305
Mirvac Group ‡		52,900		103,802
National Australia Bank		4,791		77,779
Orica		7,651		98,253
QBE Insurance Group		7,289		63,968
REA Group		415		26,346
Santos		29,659		131,525
Sonic Healthcare		3,416		64,044
Suncorp Group		3,040		22,330
Telstra		66,065		147,241
Wesfarmers		1,933		50,809
Westpac Banking		1,628		24,929
Woolworths Group		2,242		56,407
				2,216,122
AUSTRIA — 0.0%
OMV		2,820		118,354
Verbund		1,138		53,733
				172,087
BELGIUM — 0.0%
Ageas		1,331		61,658
Proximus SADP		2,771		68,364
UCB		190		17,561
				147,583
BRAZIL — 0.3%
B3 - Brasil Bolsa Balcao		10,400		109,537
Banco Bradesco ADR		1,128		7,648
Banco do Brasil		12,900		133,676
BR Malls Participacoes		5,000		18,225
CCR		5,200		18,803

The accompanying notes are an integral part of the financial statements.
45

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
BRAZIL — continued
Cia de Saneamento Basico do Estado de Sao Paulo ADR		9,217	$	120,097
Cia Siderurgica Nacional		29,900		74,217
Cosan		1,700		27,610
IRB Brasil Resseguros S		1,100		8,098
Itausa - Investimentos Itau		27,700		74,579
JBS		28,200		141,255
Lojas Renner		4,500		52,588
Multiplan Empreendimentos Imobiliarios		2,200		15,005
Natura & Holding		900		9,071
Petrobras Distribuidora		17,100		98,121
Porto Seguro		600		8,025
Sul America		9,700		115,613
TIM Participacoes ADR		3,216		57,984
Vale ADR, Cl B		6,888		67,640
WEG		17,000		162,705
				1,320,497
CANADA — 0.6%
Air Canada, Cl B *		4,459		113,780
Alimentation Couche-Tard, Cl B		6,081		184,661
AltaGas		3,641		54,442
Atco, Cl I		1,791		66,823
BCE		4,116		180,770
Brookfield Asset Management, Cl A		4,752		284,182
CAE		2,242		59,982
Canadian Pacific Railway		463		114,752
Canadian Utilities, Cl A		775		22,934
CGI, Cl A *		1,748		122,819
CI Financial		5,870		97,480
Constellation Software		136		138,551
Dollarama		949		27,899
Empire		1,438		32,129
Gildan Activewear		456		11,045
H&R Real Estate Investment Trust ‡		1,129		16,326
Hydro One		1,426		28,621
iA Financial		2,427		115,523
IGM Financial		3,093		82,472
Intact Financial		1,593		172,669

The accompanying notes are an integral part of the financial statements.
46

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CANADA — continued
Magna International		2,786	$	126,799
Manulife Financial		13,020		218,835
National Bank of Canada		2,479		128,858
Onex		718		40,312
Open Text		1,055		44,173
Royal Bank of Canada		1,610		119,732
Shopify, Cl A *		65		30,180
Sun Life Financial		4,250		183,615
Wheaton Precious Metals		1,224		34,807
WSP Global		771		50,818
				2,905,989
CHINA — 0.2%
Agricultural Bank of China, Cl A		31,800		15,489
Anhui Conch Cement, Cl A		3,288		25,818
Bank of Beijing, Cl A		26,800		19,545
Bank of China, Cl A		31,200		15,847
Bank of Communications, Cl A		23,300		17,362
Bank of Ningbo, Cl A		2,400		8,621
Bank of Shanghai, Cl A		12,297		15,175
Baoshan Iron & Steel, Cl A		13,800		10,270
BOE Technology Group, Cl A		37,000		25,858
BYD, Cl A		1,700		15,599
China Everbright Bank, Cl A		30,400		16,398
China Fortune Land Development, Cl A		3,900		13,153
China International Travel Service, Cl A		1,900		21,366
China Merchants Bank, Cl A		5,100		24,900
China Merchants Securities, Cl A		5,500		13,805
China Merchants Shekou Industrial Zone Holdings, Cl A		8,400		20,773
China Minsheng Banking, Cl A		24,100		19,715
China Pacific Insurance Group, Cl A		1,900		8,631
China Petroleum & Chemical, Cl A		19,200		12,670
China Railway Construction, Cl A		8,500		11,555
China Shipbuilding Industry, Cl A		23,100		14,597
China State Construction Engineering, Cl A		14,000		10,732
China United Network Communications, Cl A		11,800		9,245
China Vanke, Cl A		6,100		25,769
China Yangtze Power, Cl A		3,400		8,270

The accompanying notes are an integral part of the financial statements.
47

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CHINA — continued
CITIC Securities, Cl A		7,000	$	23,393
CRRC, Cl A		11,000		10,078
Daqin Railway, Cl A		12,600		12,756
Foshan Haitian Flavouring & Food, Cl A		1,500		21,323
Gree Electric Appliances of Zhuhai, Cl A		1,900		16,445
Guotai Junan Securities, Cl A		5,377		12,993
Haier Smart Home, Cl A		5,441		13,447
Haitong Securities, Cl A		8,300		16,783
Hangzhou Hikvision Digital Technology, Cl A		6,307		31,513
Huatai Securities, Cl A		5,700		15,001
Huaxia Bank, Cl A		20,800		20,679
Industrial & Commercial Bank of China, Cl A		16,300		12,311
Industrial Bank, Cl A		5,400		13,321
Inner Mongolia Yili Industrial Group, Cl A		3,200		13,175
Jiangsu Hengrui Medicine, Cl A		3,000		36,089
Jiangsu Yanghe Brewery Joint-Stock, Cl A		900		12,546
Kweichow Moutai, Cl A		400		60,205
Luxshare Precision Industry, Cl A		5,704		38,424
Luzhou Laojiao, Cl A		1,900		20,284
Midea Group, Cl A		2,100		15,962
NARI Technology, Cl A		5,400		15,345
New China Life Insurance, Cl A		2,100		13,241
PetroChina, Cl A		16,800		12,150
Ping An Bank, Cl A		7,000		14,471
Ping An Insurance Group of China, Cl A		3,200		35,435
Poly Developments and Holdings Group, Cl A		9,100		20,962
SAIC Motor, Cl A		3,100		9,821
Sany Heavy Industry, Cl A		12,400		30,938
Shanghai Pudong Development Bank, Cl A		10,000		15,456
Shenwan Hongyuan Group, Cl A		19,500		13,065
Suning.com, Cl A		8,900		11,857
Tsingtao Brewery, Cl H		18,000		93,163
Wuliangye Yibin, Cl A		2,000		35,119
Yonghui Superstores, Cl A		10,200		12,586
				1,151,500
DENMARK — 0.1%
Carlsberg, Cl B		883		115,850
Chr Hansen Holding		231		16,481

The accompanying notes are an integral part of the financial statements.
48

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
DENMARK — continued
Coloplast, Cl B		96	$	12,830
DSV Panalpina		1,153		116,155
Novo Nordisk, Cl B		3,991		233,268
Orsted		235		24,179
Tryg		2,800		77,458
Vestas Wind Systems		380		36,887
				633,108
FINLAND — 0.1%
Elisa		1,385		79,279
Kone, Cl B		3,358		189,972
Neste		2,596		102,631
Orion, Cl B		579		23,010
Stora Enso, Cl R		1,272		15,183
UPM-Kymmene		5,231		160,999
				571,074
FRANCE — 1.0%
Air Liquide		1,704		231,927
Airbus		1,400		167,455
Amundi		2,064		147,938
Atos		426		31,762
AXA		10,707		248,656
BNP Paribas		6,702		325,716
Bouygues		3,037		119,544
Bureau Veritas		1,291		31,563
Carrefour		3,371		58,303
Cie de Saint-Gobain		2,391		83,834
Cie Generale des Etablissements Michelin SCA		1,051		112,128
CNP Assurances		836		13,096
Credit Agricole		21,824		261,777
Danone		373		26,282
Dassault Systemes		311		49,020
Edenred		574		29,951
Eiffage		534		56,878
EssilorLuxottica		434		59,080
Faurecia		2,934		133,627
Hermes International		328		229,469
Kering		148		83,209
Legrand		668		50,974

The accompanying notes are an integral part of the financial statements.
49

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
FRANCE — continued
L’Oreal		248	$	66,221
LVMH Moet Hennessy Louis Vuitton		1,663		685,037
Peugeot		6,971		135,607
Safran		1,124		155,082
Sanofi		2,821		262,213
Sartorius Stedim Biotech		458		87,067
Schneider Electric		3,162		316,317
SCOR		857		30,809
Societe Generale		2,918		82,306
Sodexo		858		82,288
Suez		1,874		29,654
Teleperformance		96		23,384
Thales		212		21,348
TOTAL		2,362		102,046
Valeo		4,312		108,977
Veolia Environnement		1,298		37,240
Vinci		621		62,723
				4,840,508
GERMANY — 0.4%
adidas		877		243,768
Allianz		1,666		359,360
Brenntag		1,520		68,036
Carl Zeiss Meditec		1,028		107,840
Deutsche Boerse		467		73,530
Deutsche Post		4,650		139,719
Evonik Industries		1,541		38,292
GEA Group		3,378		89,684
Hannover Rueck		1,261		225,138
HeidelbergCement		2,133		127,225
KION Group		584		31,177
MTU Aero Engines		149		36,649
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		697		177,891
Puma		269		20,640
RWE		433		14,953
SAP		1,827		226,188
Volkswagen		1,142		192,635
				2,172,725

The accompanying notes are an integral part of the financial statements.
50

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HONG KONG — 2.3%
Agile Group Holdings		66,000	$	92,273
Agricultural Bank of China, Cl H		261,000		103,878
Air China, Cl H		22,000		17,571
Anhui Conch Cement, Cl H		38,500		280,736
ANTA Sports Products		17,000		136,920
ASM Pacific Technology		7,100		83,697
BAIC Motor, Cl H		121,000		59,305
Bank of China, Cl H		513,000		201,709
Bank of Communications, Cl H		21,000		13,358
BOC Aviation		1,800		15,641
Bosideng International Holdings		180,000		52,490
BYD Electronic International		11,000		20,601
China Agri-Industries Holdings		115,000		62,369
China Aoyuan Group		84,000		120,003
China Coal Energy, Cl H		37,000		11,944
China Conch Venture Holdings		4,500		21,886
China Construction Bank, Cl H		974,000		783,939
China Everbright Bank, Cl H		380,000		152,224
China Jinmao Holdings Group		172,000		124,677
China Lesso Group Holdings		93,000		139,032
China Medical System Holdings		81,000		99,753
China Mengniu Dairy		3,000		10,723
China Merchants Bank, Cl H		132,500		627,258
China Minsheng Banking, Cl H		307,500		206,056
China National Building Material, Cl H		126,000		144,498
China Overseas Land & Investment		54,000		179,823
China Railway Construction, Cl H		11,500		13,091
China Resources Beer Holdings		12,000		55,217
China Resources Cement Holdings		90,000		112,722
China Resources Gas Group		14,000		69,738
China Resources Land		48,000		219,774
China Shenhua Energy, Cl H		10,500		18,119
China Tower, Cl H		378,000		90,992
China Unicom Hong Kong		46,000		36,283
China Vanke, Cl H		29,700		113,642
CIFI Holdings Group		164,000		124,247
CITIC		10,000		11,012
CK Asset Holdings		2,000		12,342

The accompanying notes are an integral part of the financial statements.
51

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
CLP Holdings		2,000	$	20,956
CNOOC		237,000		323,931
Country Garden Holdings		140,000		183,951
Country Garden Services Holdings		33,000		127,835
CSPC Pharmaceutical Group		58,000		132,289
ENN Energy Holdings		3,300		36,412
Geely Automobile Holdings		71,000		122,681
Great Wall Motor, Cl H		163,500		117,724
Guangzhou R&F Properties		36,000		55,575
Haier Electronics Group		32,000		91,130
Haitian International Holdings		23,000		45,198
Hang Lung Properties		11,000		23,770
Hang Seng Bank		700		14,518
Henderson Land Development		5,800		26,578
Hong Kong & China Gas		7,000		13,351
Hua Hong Semiconductor		3,000		6,360
Hysan Development		4,000		14,295
Industrial & Commercial Bank of China, Cl H		1,516,000		1,024,594
Kaisa Group Holdings		170,000		75,165
Kerry Properties		5,500		15,550
Kingboard Laminates Holdings		76,000		75,227
KWG Group Holdings		96,000		139,303
Lenovo Group		28,000		17,146
Li Ning		45,500		120,382
Link ‡		1,800		16,616
Logan Property Holdings		84,000		142,893
Longfor Group Holdings		44,500		206,154
Luye Pharma Group		21,000		12,768
Meituan Dianping, Cl B *		29,900		379,232
MTR		6,000		33,485
New China Life Insurance, Cl H		3,100		11,673
New World Development		10,000		12,789
PICC Property & Casualty, Cl H		136,000		139,688
Ping An Insurance Group of China, Cl H		85,500		947,737
Postal Savings Bank of China, Cl H		445,000		279,218
Seazen Group		124,000		126,720
Shandong Weigao Group Medical Polymer, Cl H		88,000		112,397
Shenzhen Expressway, Cl H		26,000		31,449

The accompanying notes are an integral part of the financial statements.
52

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HONG KONG — continued
Shenzhen International Holdings		5,874	$	11,231
Shenzhen Investment		96,000		32,055
Shenzhou International Group Holdings		800		9,626
Shimao Property Holdings		42,000		149,090
Shui On Land		78,000		15,421
Sino Biopharmaceutical		78,000		112,640
Sinopharm Group, Cl H		4,000		12,279
Sinotruk Hong Kong		52,000		98,832
SJM Holdings		16,000		18,826
SSY Group		10,000		8,335
Sun Hung Kai Properties		2,500		35,177
Sunac China Holdings		39,000		210,651
Techtronic Industries		2,500		20,133
Tingyi Cayman Islands Holding		24,000		43,680
Uni-President China Holdings		28,000		28,898
Vitasoy International Holdings		4,000		14,385
Want Want China Holdings		77,000		58,962
Weichai Power, Cl H		98,000		195,309
WH Group		120,500		122,251
Yanzhou Coal Mining, Cl H		120,000		90,749
Yihai International Holding		17,000		113,947
Yue Yuen Industrial Holdings		6,000		14,390
Yuexiu Property		370,000		75,006
Yuzhou Properties		199,000		97,608
Zhejiang Expressway, Cl H		10,000		7,504
Zhongsheng Group Holdings		32,000		121,009
Zoomlion Heavy Industry Science and Technology		158,400		131,586
				11,765,863
HUNGARY — 0.0%
OTP Bank Nyrt		1,730		75,306

INDONESIA — 0.1%
Adaro Energy		1,073,000		86,460
Astra International		18,700		7,177
Bank Central Asia		3,500		7,700
Bank Mandiri Persero		28,300		14,248
Bank Negara Indonesia Persero		44,200		21,557
Bank Rakyat Indonesia Persero		586,400		170,824

The accompanying notes are an integral part of the financial statements.
53

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INDONESIA — continued
Bumi Serpong Damai *		234,500	$	16,356
Gudang Garam		2,200		7,814
Indofood Sukses Makmur		100,500		45,460
Jasa Marga Persero		30,900		10,061
Pakuwon Jati		539,900		19,923
Semen Indonesia Persero		9,400		6,906
XL Axiata *		402,400		72,580
				487,066
IRELAND — 0.0%
Globe Life		536		49,666

ITALY — 0.4%
Assicurazioni Generali		11,451		205,075
Enel		45,606		383,445
Ferrari		1,117		175,545
Intesa Sanpaolo		87,821		213,107
Leonardo		5,207		53,705
Mediobanca Banca di Credito Finanziario		11,867		107,932
Moncler		1,850		72,200
Poste Italiane		15,834		168,450
Prysmian		2,668		63,528
Recordati		1,118		47,953
Snam		8,262		40,825
STMicroelectronics		6,847		186,468
Terna Rete Elettrica Nazionale		12,855		85,131
UniCredit		10,291		131,269
				1,934,633
JAPAN — 2.3%
ABC-Mart		1,600		89,892
Advantest		3,900		174,635
AGC		500		13,983
Air Water		1,600		21,009
Alfresa Holdings		1,000		17,384
Alps Alpine		700		10,328
Amada Holdings		8,800		80,989
Asahi Intecc		2,400		56,429
Asahi Kasei		1,600		13,139
Astellas Pharma		3,100		48,424

The accompanying notes are an integral part of the financial statements.
54

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Bandai Namco Holdings		3,000	$	148,238
Bridgestone		4,500		148,919
Brother Industries		4,800		82,934
Casio Computer		3,900		66,765
Central Japan Railway		500		81,304
Chugai Pharmaceutical		2,200		237,907
Credit Saison		1,700		24,385
Dai Nippon Printing		3,100		73,542
Daiichi Sankyo		3,800		231,316
Daikin Industries		900		121,355
Disco		300		58,698
East Japan Railway		1,200		92,302
Fuji Electric		500		13,445
FUJIFILM Holdings		3,400		164,615
Fujitsu		1,900		197,609
Hakuhodo DY Holdings		4,000		45,501
Hamamatsu Photonics		500		19,278
Hikari Tsushin		500		94,278
Hirose Electric		300		31,704
Hitachi		6,600		219,663
Hitachi High-Technologies		2,500		181,418
Honda Motor		1,200		30,691
Hoshizaki		300		25,234
Hoya		3,000		262,643
ITOCHU		10,100		229,757
Itochu Techno-Solutions		4,600		125,250
Japan Airlines		1,700		41,700
Japan Airport Terminal		500		19,411
Japan Prime Realty Investment ‡		16		70,525
Japan Real Estate Investment ‡		15		102,268
JSR		3,100		53,752
JTEKT		1,300		12,641
Kakaku.com		2,200		46,689
Kamigumi		2,500		47,670
Kaneka		800		21,246
Kansai Paint		3,100		67,033
Kao		300		21,725
KDDI		9,400		265,548

The accompanying notes are an integral part of the financial statements.
55

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Keihan Holdings		2,100	$	84,750
Keio		1,100		52,566
Keyence		200		63,067
Kikkoman		300		13,679
Kobayashi Pharmaceutical		300		21,675
Kose		100		11,839
Kyocera		2,900		180,279
Lion		1,100		17,813
LIXIL Group		4,200		62,023
M3		3,200		81,615
Marubeni		4,300		28,143
Marui Group		1,100		21,502
Medipal Holdings		4,200		75,343
MEIJI Holdings		500		29,260
MinebeaMitsumi		1,600		27,631
Mitsubishi		700		17,266
Mitsubishi Electric		11,500		142,578
Mitsubishi Estate		1,200		20,325
Mitsubishi Heavy Industries		3,100		97,473
Mitsubishi UFJ Lease & Finance		9,600		54,254
Mitsui		3,500		57,500
MS&AD Insurance Group Holdings		4,300		137,596
Murata Manufacturing		1,400		72,463
Nabtesco		1,200		31,767
Nagoya Railroad		700		18,150
Nexon		1,400		22,088
NGK Spark Plug		1,600		25,861
Nintendo		400		135,380
Nippon Building Fund ‡		12		89,968
Nippon Paint Holdings		700		31,555
Nippon Telegraph & Telephone		15,700		366,245
Nisshin Seifun Group		1,500		24,950
Nitto Denko		700		34,664
Nomura Holdings		5,700		25,042
Nomura Real Estate Holdings		1,900		40,956
Nomura Research Institute		5,700		124,894
NTT Data		2,800		33,000
Obayashi		2,300		22,935

The accompanying notes are an integral part of the financial statements.
56

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Obic		1,000	$	120,909
Oji Holdings		2,500		11,748
Olympus		11,300		203,438
Omron		2,300		120,685
Oracle Japan		600		46,020
Oriental Land		1,200		135,664
ORIX		4,000		64,200
Otsuka		2,100		90,557
Pan Pacific International Holdings		3,000		49,409
PeptiDream *		800		31,544
Persol Holdings		1,400		18,559
Recruit Holdings		4,800		162,041
Ricoh		2,600		23,951
Rohm		400		25,719
Sankyo		1,400		45,559
Santen Pharmaceutical		1,400		22,422
Secom		700		54,954
Sega Sammy Holdings		1,300		16,967
Sekisui Chemical		3,100		45,166
Sekisui House		6,700		129,695
SG Holdings		3,400		66,569
Shimadzu		2,000		48,046
Shimano		200		27,791
Shimizu		4,300		38,451
Shin-Etsu Chemical		2,400		262,845
Shinsei Bank		1,600		20,922
Shionogi		400		21,341
Shiseido		200		11,769
SMC		200		78,384
SoftBank Group		500		23,060
Sohgo Security Services		1,000		46,237
Sony		1,300		81,973
Sony Financial Holdings		2,500		49,402
Subaru		5,500		131,265
SUMCO		1,600		23,711
Sumitomo		2,200		31,162
Sumitomo Electric Industries		900		10,588
Sumitomo Heavy Industries		1,800		38,438

The accompanying notes are an integral part of the financial statements.
57

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
JAPAN — continued
Sumitomo Mitsui Trust Holdings		400	$	13,545
Suntory Beverage & Food		500		18,496
Suzuken		2,300		74,670
Sysmex		700		44,675
Taiheiyo Cement		1,000		24,429
Taiyo Nippon Sanso		3,700		65,597
TDK		1,400		133,089
Teijin		1,500		24,444
Terumo		1,700		54,327
THK		1,400		31,519
Toho		2,600		78,526
Toho Gas		1,400		46,990
Tokio Marine Holdings		2,200		116,350
Tokyo Electron		1,100		226,558
Tokyo Gas		1,600		32,055
Toppan Printing		4,700		81,208
Tosoh		2,900		39,014
Toyo Suisan Kaisha		1,500		58,276
Toyoda Gosei		2,100		45,121
Toyota Industries		1,700		87,593
Toyota Motor		11,600		759,842
Toyota Tsusho		700		20,748
Unicharm		900		28,606
Welcia Holdings		400		23,648
West Japan Railway		1,400		97,744
Yamaha		900		43,639
Yokogawa Electric		1,800		28,804
Yokohama Rubber		2,300		37,046
Z Holdings		22,400		80,724
				11,551,710
MALAYSIA — 0.1%
AMMB Holdings		47,800		41,900
Fraser & Neave Holdings		1,300		9,456
Gamuda		78,300		61,368
Hong Leong Financial Group		6,800		24,643
Malaysia Airports Holdings		5,700		8,950
MISC		20,400		36,682
RHB Bank		43,200		56,885

The accompanying notes are an integral part of the financial statements.
58

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
MALAYSIA — continued
Sime Darby		23,500	$	11,132
Telekom Malaysia		108,100		94,650
				345,666
MEXICO — 0.1%
Fibra Uno Administracion ‡		53,700		81,329
Grupo Aeroportuario del Pacifico, Cl B		3,700		40,040
Grupo Bimbo, Ser A		10,500		15,838
Grupo Financiero Banorte, Cl O		2,900		15,856
Grupo Mexico		51,700		122,165
Kimberly-Clark de Mexico, Cl A		26,900		51,209
Megacable Holdings		5,300		17,799
Promotora y Operadora de Infraestructura		2,510		24,591
Wal-Mart de Mexico		5,800		16,328
				385,155
NETHERLANDS — 0.2%
ASML Holding		2,232		612,046
Heineken		525		52,272
Koninklijke Ahold Delhaize		1,682		39,306
Koninklijke DSM		1,619		182,066
Koninklijke KPN		12,448		30,248
Koninklijke Philips		1,335		56,996
Randstad		2,027		104,449
Wolters Kluwer		1,347		98,459
				1,175,842
NORWAY — 0.0%
Gjensidige Forsikring		3,242		65,278
Orkla		6,940		58,443
Schibsted, Cl B		735		17,662
				141,383
PHILIPPINES — 0.0%
Globe Telecom		1,140		39,753
International Container Terminal Services		5,850		12,137
Manila Electric		1,550		8,201
Megaworld		258,600		17,259
Robinsons Land		124,700		52,036
Universal Robina		3,820		10,577
				139,963

The accompanying notes are an integral part of the financial statements.
59

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
POLAND — 0.1%
CD Projekt		1,405	$	100,045
Cyfrowy Polsat		9,597		61,858
Dino Polska *		477		17,278
KGHM Polska Miedz		1,219		22,044
Orange Polska		35,083		55,327
Polski Koncern Naftowy ORLEN		1,095		16,418
Powszechna Kasa Oszczednosci Bank Polski		3,294		26,342
				299,312
PORTUGAL — 0.0%
Jeronimo Martins SGPS		6,117		107,760

SINGAPORE — 0.1%
Ascendas Real Estate Investment Trust ‡		15,000		32,971
CapitaLand Mall Trust ‡		31,700		51,883
ComfortDelGro		36,200		50,733
Oversea-Chinese Banking		2,100		15,954
Singapore Technologies Engineering		6,400		19,272
Venture		1,400		16,522
Wilmar International		63,600		181,097
				368,432
SOUTH AFRICA — 0.2%
Absa Group		5,175		44,553
Anglo American Platinum		2,141		143,566
AngloGold Ashanti ADR		5,904		103,025
Bidvest Group		1,064		12,271
Capitec Bank Holdings		297		24,918
Clicks Group		3,273		49,836
Exxaro Resources		4,642		33,549
FirstRand		2,158		7,681
Foschini Group		2,817		22,662
Impala Platinum Holdings *		14,582		115,739
Investec		3,268		16,706
Kumba Iron Ore		3,925		71,425
Liberty Holdings		2,853		17,257
Momentum Metropolitan Holdings		32,328		36,940
MTN Group		11,160		52,749
Pick n Pay Stores		3,469		12,325
RMB Holdings		2,452		11,089

The accompanying notes are an integral part of the financial statements.
60

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SOUTH AFRICA — continued
Sanlam		3,752	$	15,760
Sibanye Stillwater		37,538		75,726
SPAR Group		800		8,476
Standard Bank Group		1,962		18,637
Telkom SOC		15,214		25,497
Vodacom Group		3,213		22,705
				943,092
SOUTH KOREA — 0.5%
BGF retail		107		13,323
Cheil Worldwide		2,277		36,180
Coway		466		26,434
Daelim Industrial *		583		34,666
Doosan Bobcat		1,035		24,141
Fila Korea		353		11,180
GS Retail		701		20,347
Hanon Systems		2,490		21,593
Hyundai Glovis		494		49,798
Hyundai Mobis		732		127,040
Kakao		389		55,457
Kangwon Land *		1,576		29,731
Kia Motors		5,185		153,923
Korea Investment Holdings *		1,205		62,322
Korea Zinc *		246		84,291
KT&G		340		23,664
LG Electronics		297		14,806
LG Innotek		198		21,310
Meritz Securities		8,635		24,710
NCSoft		96		51,207
Posco International		1,593		19,649
Samsung Card		1,024		28,339
Samsung Electronics		28,881		1,277,567
Samsung Engineering *		2,805		32,512
Shinhan Financial Group		995		26,363
Shinsegae		87		16,837
SK Hynix		4,641		330,904
SK Telecom		105		18,331
				2,636,625

The accompanying notes are an integral part of the financial statements.
61

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SPAIN — 0.1%
ACS Actividades de Construccion y Servicios		2,336	$	69,624
Aena SME		405		65,067
Amadeus IT Group		163		11,446
Iberdrola		28,072		320,649
				466,786
SWEDEN — 0.3%
Assa Abloy, Cl B		6,184		139,005
Atlas Copco, Cl A		8,369		299,023
Boliden		2,104		43,698
Electrolux		2,249		45,719
Epiroc, Cl A		5,538		63,903
Essity, Cl B		1,884		56,437
Hennes & Mauritz, Cl B		10,536		190,920
Investor, Cl B		2,074		103,452
L E Lundbergforetagen, Cl B		2,143		88,854
Sandvik		8,756		144,946
Securitas, Cl B		1,714		23,303
Skandinaviska Enskilda Banken, Cl A		3,382		32,340
Skanska, Cl B		5,212		113,465
SKF, Cl B		7,746		136,133
Swedish Match		258		15,077
Tele2, Cl B		3,954		57,507
Volvo, Cl B		7,668		119,545
				1,673,327
SWITZERLAND — 0.9%
Adecco Group		1,830		97,816
Baloise Holding		364		58,625
Chocoladefabriken Lindt & Spruengli		5		39,005
EMS-Chemie Holding		77		45,103
Geberit		316		157,512
Kuehne + Nagel International		809		118,294
LafargeHolcim		3,907		182,388
Nestle		10,866		1,115,591
Novartis		5,208		440,790
Partners Group Holding		76		65,768
Roche Holding		3,020		971,507
Sika		243		43,317
Sonova Holding		543		129,438

The accompanying notes are an integral part of the financial statements.
62

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
SWITZERLAND — continued
Straumann Holding		47	$	43,961
Swiss Life Holding		432		197,346
Swisscom		99		52,811
Temenos		225		32,076
Vifor Pharma		688		114,979
Zurich Insurance Group		965		373,010
				4,279,337
TAIWAN — 1.2%
Accton Technology		15,000		79,452
Acer		51,000		27,065
Advantech		6,000		57,169
ASE Technology Holding		44,000		100,783
Asia Cement		71,000		102,818
Catcher Technology		15,000		113,221
Chailease Holding		17,870		66,064
Chang Hwa Commercial Bank		106,780		81,105
Chicony Electronics		29,000		78,329
CTBC Financial Holding		65,000		48,074
Delta Electronics		9,000		40,479
E.Sun Financial Holding		163,371		154,415
Eclat Textile		2,000		23,204
Eva Airways		116,117		45,680
Far Eastern New Century		32,000		29,508
Feng Tay Enterprise		3,400		18,817
First Financial Holding		40,400		31,399
Formosa Petrochemical		9,000		25,207
Formosa Taffeta		30,000		32,876
Foxconn Technology		31,000		59,985
Fubon Financial Holding		20,000		28,928
Giant Manufacturing		8,000		42,865
Globalwafers		7,000		91,344
Hon Hai Precision Industry		89,000		225,940
Hotai Motor		5,000		101,026
Inventec		47,000		35,075
Largan Precision		1,000		140,713
Lite-On Technology		57,000		80,561
MediaTek		17,000		198,653
Mega Financial Holding		43,000		45,460

The accompanying notes are an integral part of the financial statements.
63

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
TAIWAN — continued
Micro-Star International		30,000	$	88,068
Nan Ya Plastics		4,000		8,903
Nanya Technology		47,000		117,255
Nien Made Enterprise		5,000		39,076
Novatek Microelectronics		21,000		130,403
Pegatron		57,000		114,781
Phison Electronics		5,000		53,495
Pou Chen		32,000		35,621
Powertech Technology		32,000		105,373
President Chain Store		2,000		19,352
Quanta Computer		18,000		36,053
Realtek Semiconductor		18,000		130,577
Shanghai Commercial & Savings Bank *		33,518		54,992
SinoPac Financial Holdings		200,000		84,691
Standard Foods		24,000		53,082
Synnex Technology International		32,000		39,224
Taiwan Business Bank		262,150		102,869
Taiwan Cement		88,940		122,725
Taiwan Cooperative Financial Holding		124,630		85,451
Taiwan High Speed Rail		12,000		13,517
Taiwan Semiconductor Manufacturing ADR		22,118		1,190,833
Uni-President Enterprises		9,000		21,503
United Microelectronics		202,000		98,394
Vanguard International Semiconductor		23,000		55,271
Walsin Technology		16,000		108,576
Win Semiconductors		8,000		67,794
Winbond Electronics		145,000		74,889
Wistron		113,000		99,020
Wiwynn *		6,000		138,819
WPG Holdings		10,000		12,701
Yageo		5,000		64,719
Yuanta Financial Holding		149,000		93,359
Zhen Ding Technology Holding		39,000		145,543
				5,813,144
THAILAND — 0.1%
Advanced Info Service NVDR		15,000		95,438
Bangkok Bank NVDR		3,800		15,895
Bangkok Dusit Medical Services NVDR		25,400		17,957

The accompanying notes are an integral part of the financial statements.
64

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
THAILAND — continued
CP ALL NVDR		3,700	$	7,737
Home Product Center NVDR		27,700		11,324
Kasikornbank NVDR		3,400		12,866
Krung Thai Bank NVDR		44,100		19,611
Land & Houses NVDR		98,100		26,199
PTT NVDR		19,400		24,098
PTT Exploration & Production NVDR		19,700		67,284
Siam Commercial Bank NVDR		8,100		22,511
Srisawad NVDR		11,600		24,936
Thai Union Group NVDR		28,000		13,648
				359,504
TURKEY — 0.1%
Akbank T.A.S.		79,060		86,020
Anadolu Efes Biracilik Ve Malt Sanayii		3,612		12,740
Arcelik		31,216		93,183
BIM Birlesik Magazalar		2,288		17,642
Eregli Demir ve Celik Fabrikalari		59,957		79,709
Ford Otomotiv Sanayi		6,320		79,487
KOC Holding		33,661		93,364
TAV Havalimanlari Holding		2,090		6,850
Turkcell Iletisim Hizmetleri		8,523		19,210
Turkiye Garanti Bankasi		61,041		93,678
Turkiye Is Bankasi, Cl C		97,542		89,670
				671,553
UNITED KINGDOM — 0.6%
Admiral Group		1,239		33,849
Anglo American		3,122		72,352
Antofagasta		1,199		11,747
Ashtead Group		1,890		58,243
AstraZeneca		4,635		405,677
Auto Trader Group		6,458		43,123
BAE Systems		3,112		24,395
Barratt Developments		20,629		200,712
Berkeley Group Holdings		1,659		101,790
BHP Group		975		17,934
BP		5,088		26,295
British American Tobacco		2,703		106,260
Burberry Group		503		10,743

The accompanying notes are an integral part of the financial statements.
65

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM — continued
Compass Group		1,455	$	32,045
Croda International		333		19,442
Diageo		1,674		59,469
Evraz		3,856		16,321
Experian		5,055		168,668
GlaxoSmithKline		2,895		57,837
GVC Holdings		3,856		39,700
Halma		3,072		76,686
Healthpeak Properties ‡		2,311		73,120
Johnson Matthey		633		20,470
Meggitt		8,245		57,971
Melrose Industries		30,519		83,055
Micro Focus International		1,771		16,980
Mondi		2,039		41,133
National Grid		5,689		71,804
Next		1,262		98,954
Persimmon		2,243		82,382
RELX		1,830		43,883
Rentokil Initial		6,652		41,515
Rio Tinto		6,242		294,146
Royal Dutch Shell, Cl A		1,435		31,000
Sage Group		4,098		36,183
Smith & Nephew		1,485		33,182
Spirax-Sarco Engineering		797		86,716
Taylor Wimpey		40,188		105,215
Tesco		24,379		71,639
Unilever		636		34,116
Whitbread		449		22,707
				2,929,459
UNITED STATES — 14.0%
COMMUNICATION SERVICES — 0.9%
AT&T		28,516		1,004,333
Cable One		189		297,301
Discovery *		1,418		36,442
DISH Network, Cl A *		1,151		38,581
Facebook, Cl A *		10,880		2,094,073
IAC *		217		44,255
Interpublic Group		1,858		39,687

The accompanying notes are an integral part of the financial statements.
66

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
COMMUNICATION SERVICES — continued
Live Nation Entertainment *		592	$	35,976
Match Group *		3,661		237,965
New York Times, Cl A		3,431		128,525
Nexstar Media Group, Cl A		1,248		143,495
Omnicom Group		1,256		87,016
Roku, Cl A *		1,530		173,915
Sinclair Broadcast Group, Cl A		3,532		81,978
T-Mobile US *		569		51,301
Twitter *		804		26,693
Zynga, Cl A *		4,242		28,464
				4,550,000
CONSUMER DISCRETIONARY — 1.5%
Aptiv		1,365		106,620
Aramark		1,927		66,944
AutoNation *		3,329		142,248
AutoZone *		304		313,883
Best Buy		2,586		195,631
BorgWarner		1,566		49,486
Bright Horizons Family Solutions *		620		97,433
Burlington Stores *		363		78,502
Carter’s		1,084		99,154
Chipotle Mexican Grill, Cl A *		74		57,245
Columbia Sportswear		438		35,609
Darden Restaurants		520		50,700
Dick’s Sporting Goods		1,425		51,884
Dollar General		2,510		377,253
Dollar Tree *		517		42,927
Domino’s Pizza		120		40,735
DR Horton		4,556		242,698
eBay		4,109		142,336
Etsy *		849		49,081
Expedia Group		276		27,219
Floor & Decor Holdings, Cl A *		1,616		82,497
Garmin		2,860		252,795
General Motors		3,921		119,590
Gentex		5,869		156,702
Genuine Parts		462		40,305
Graham Holdings, Cl B		124		62,357

The accompanying notes are an integral part of the financial statements.
67

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CONSUMER DISCRETIONARY — continued
Grand Canyon Education *		737	$	59,461
H&R Block		1,698		35,098
Hasbro		832		64,272
Hilton Worldwide Holdings		296		28,771
Home Depot		1,912		416,510
Hyatt Hotels, Cl A		1,087		83,264
Leggett & Platt		1,690		67,025
Lennar, Cl A		3,691		222,715
LKQ *		5,760		170,381
Lululemon Athletica *		1,255		272,850
NIKE, Cl B		786		70,253
NVR *		63		231,032
O’Reilly Automotive *		307		113,197
Penske Automotive Group		766		35,251
Planet Fitness, Cl A *		1,105		74,577
Pool		436		91,978
PulteGroup		7,217		290,123
Ross Stores		677		73,644
ServiceMaster Global Holdings *		1,390		49,720
Skechers U.S.A., Cl A *		6,482		214,425
Starbucks		4,293		336,700
Target		3,984		410,352
Tempur Sealy International *		2,637		197,116
TJX		4,693		280,641
Toll Brothers		3,589		132,901
Tractor Supply		503		44,520
Ulta Beauty *		129		33,165
Under Armour, Cl A *		2,486		35,276
VF		303		21,816
Whirlpool		974		124,536
Williams-Sonoma		2,358		147,116
Yum! Brands		755		67,384
				7,477,904
CONSUMER STAPLES — 1.1%
Brown-Forman, Cl B		355		21,801
Campbell Soup		1,577		71,154
Casey’s General Stores		1,114		181,604
Church & Dwight		718		49,915

The accompanying notes are an integral part of the financial statements.
68

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
CONSUMER STAPLES — continued
Conagra Brands		1,369	$	36,539
Costco Wholesale		2,015		566,497
Coty, Cl A		9,601		88,617
Estee Lauder, Cl A		2,101		385,744
Flowers Foods		2,090		44,998
General Mills		3,863		189,287
Hershey		1,745		251,263
Hormel Foods		790		32,864
Kimberly-Clark		991		130,009
McCormick		325		47,512
Mondelez International, Cl A		1,806		95,357
Philip Morris International		1,585		129,764
Pilgrim’s Pride *		6,822		144,353
Post Holdings *		505		51,136
Procter & Gamble		10,244		1,159,928
Sysco		1,616		107,707
Tyson Foods, Cl A		3,247		220,244
US Foods Holding *		1,114		37,475
Walmart		11,909		1,282,361
				5,326,129
ENERGY — 0.1%
Chevron		1,164		108,648
Kinder Morgan		1,775		34,027
Phillips 66		1,379		103,232
Valero Energy		2,256		149,460
				395,367
FINANCIALS — 2.6%
Aflac		5,377		230,404
Alleghany *		291		195,625
Allstate		2,061		216,920
Ally Financial		7,125		178,624
American Express		1,373		150,934
American Financial Group		803		74,213
American International Group		3,013		127,028
Ameriprise Financial		1,454		205,450
Aon		1,154		240,032
Arch Capital Group *		5,844		236,273

The accompanying notes are an integral part of the financial statements.
69

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
FINANCIALS — continued
Assurant		932	$	112,390
Assured Guaranty		3,619		147,691
Axis Capital Holdings		2,939		164,937
Bank of America		42,243		1,203,925
Bank of Hawaii		567		42,196
Bank OZK		2,600		66,014
BlackRock, Cl A		312		144,459
Capital One Financial		1,224		108,030
Chubb		2,663		386,215
Cincinnati Financial		1,859		173,333
Citigroup		11,012		698,821
Citizens Financial Group		4,472		141,718
CME Group, Cl A		166		33,004
Commerce Bancshares		858		52,372
Credit Acceptance *		168		67,738
Discover Financial Services		3,244		212,741
East West Bancorp		541		20,958
Erie Indemnity, Cl A		852		121,768
Evercore, Cl A		481		32,044
Everest Re Group		892		221,109
Fidelity National Financial		2,461		95,388
Fifth Third Bancorp		5,607		136,811
First American Financial		1,582		90,332
First Citizens BancShares, Cl A		149		67,543
First Hawaiian		837		20,046
Franklin Resources		1,527		33,228
Goldman Sachs Group		1,808		362,992
Hanover Insurance Group		1,225		145,212
Hartford Financial Services Group		1,748		87,313
Huntington Bancshares		9,333		114,516
Intercontinental Exchange		651		58,082
JPMorgan Chase		14,090		1,635,990
Kemper		723		49,771
KeyCorp		5,168		84,497
Legg Mason		1,018		50,717
Lincoln National		2,228		101,129
MarketAxess Holdings		554		179,679
Marsh & McLennan		2,023		211,525

The accompanying notes are an integral part of the financial statements.
70

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
FINANCIALS — continued
Mercury General		1,272	$	55,090
MetLife		4,940		211,037
MGIC Investment		19,930		239,758
Morgan Stanley		2,815		126,760
Nasdaq		752		77,118
Navient		8,403		94,366
New York Community Bancorp		6,570		71,022
Northern Trust		350		30,716
Old Republic International		5,609		110,609
PNC Financial Services Group		2,407		304,245
Popular		2,816		135,112
Primerica		604		67,249
Principal Financial Group		783		34,757
Progressive		2,106		154,075
Prosperity Bancshares		356		22,998
Prudential Financial		1,127		85,032
Regions Financial		5,494		74,279
RenaissanceRe Holdings		804		137,002
State Street		1,400		95,354
SVB Financial Group *		218		45,379
Synchrony Financial		6,786		197,473
T Rowe Price Group		1,614		190,468
Travelers		1,675		200,682
Truist Financial		4,791		221,057
US Bancorp		7,029		326,427
Western Alliance Bancorp		2,319		106,767
Willis Towers Watson		461		87,244
WR Berkley		3,874		260,100
				13,293,913
HEALTH CARE — 0.9%
Abbott Laboratories		380		29,271
Amgen		543		108,453
Anthem		163		41,906
Bio-Rad Laboratories, Cl A *		243		85,541
Bio-Techne		146		27,578
Boston Scientific *		1,035		38,699
Bristol-Myers Squibb		6,413		378,752
Bruker		2,482		108,116

The accompanying notes are an integral part of the financial statements.
71

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Charles River Laboratories International *		322	$	50,094
Chemed		363		151,596
CVS Health		1,173		69,418
Danaher		3,610		521,934
DaVita *		665		51,617
DENTSPLY SIRONA		1,773		87,302
Edwards Lifesciences *		1,221		250,110
Eli Lilly		173		21,820
Exact Sciences *		441		35,699
Exelixis *		2,121		39,429
HCA Healthcare		245		31,117
Henry Schein *		702		42,780
Hill-Rom Holdings		465		44,663
Horizon Therapeutics *		7,808		267,190
Humana *		471		150,569
IDEXX Laboratories *		269		68,463
Intuitive Surgical *		44		23,494
Jazz Pharmaceuticals *		173		19,822
Laboratory Corp of America Holdings *		209		36,719
Masimo *		523		85,422
McKesson		298		41,678
Medtronic		3,314		333,620
Merck		588		45,017
Mettler-Toledo International *		55		38,593
Molina Healthcare *		263		32,231
Premier, Cl A *		914		26,899
Quest Diagnostics		487		51,651
ResMed		547		86,951
STERIS		624		98,979
Teleflex		107		35,847
Thermo Fisher Scientific		372		108,178
Universal Health Services, Cl B		1,308		161,852
Veeva Systems, Cl A *		1,162		164,969
West Pharmaceutical Services		332		49,986
Zimmer Biomet Holdings		314		42,751
Zoetis, Cl A		2,687		357,989
				4,544,765

The accompanying notes are an integral part of the financial statements.
72

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — 2.0%
Acuity Brands		670	$	68,916
AECOM *		1,048		47,097
AGCO		3,563		215,312
Alaska Air Group		971		48,997
Allegion		1,479		170,070
Allison Transmission Holdings		3,245		131,747
AMETEK		835		71,810
Arconic		2,873		84,323
Armstrong World Industries		1,644		164,647
Boeing		104		28,611
BWX Technologies		774		42,446
Carlisle		1,231		178,852
CH Robinson Worldwide		395		27,216
Cintas		808		215,526
Clean Harbors *		642		44,632
Copa Holdings, Cl A		373		31,011
Copart *		2,344		198,021
CoStar Group *		281		187,593
Cummins		1,555		235,256
Curtiss-Wright		905		108,546
Delta Air Lines		2,232		102,962
Donaldson		573		25,831
Dover		2,179		223,870
Eaton		3,041		275,879
Emerson Electric		894		57,314
Expeditors International of Washington		712		50,139
Fastenal		4,329		148,138
Flowserve		1,351		54,297
Fortune Brands Home & Security		2,766		170,800
Gardner Denver Holdings *		3,462		113,519
General Electric		12,959		140,994
HD Supply Holdings *		1,308		49,730
HEICO		1,690		182,266
Honeywell International		1,802		292,230
Hubbell, Cl B		1,115		148,563
Huntington Ingalls Industries		154		31,652
IDEX		511		75,628
Illinois Tool Works		882		147,982

The accompanying notes are an integral part of the financial statements.
73

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
Ingersoll-Rand		2,828	$	364,925
ITT		3,041		182,916
Jacobs Engineering Group		1,942		179,324
JB Hunt Transport Services		277		26,714
JetBlue Airways *		2,146		33,864
Johnson Controls International		5,950		217,591
Kansas City Southern		893		134,557
L3Harris Technologies		901		178,155
Landstar System		300		30,291
Lennox International		292		66,614
Lockheed Martin		1,472		544,449
ManpowerGroup		1,733		131,604
Masco		5,287		218,459
Middleby *		965		107,897
Nordson		327		47,513
Northrop Grumman		979		321,934
Old Dominion Freight Line		945		183,141
Oshkosh		3,049		219,985
Owens Corning		3,111		175,740
PACCAR		2,250		150,525
Parker-Hannifin		361		66,702
Republic Services, Cl A		2,364		213,375
Robert Half International		868		43,756
Roper Technologies		292		102,696
Snap-on		615		89,021
Southwest Airlines		1,741		80,417
Stanley Black & Decker		148		21,268
Teledyne Technologies *		573		193,284
Timken		1,478		66,273
Toro		1,067		76,216
Union Pacific		1,092		174,512
United Airlines Holdings *		1,271		78,281
United Rentals *		1,272		168,515
United Technologies		1,100		143,649
Verisk Analytics, Cl A		1,124		174,344
Waste Management		1,540		170,647
Woodward		1,843		190,198
WW Grainger		102		28,309

The accompanying notes are an integral part of the financial statements.
74

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS — continued
Xylem		922	$	71,307
				10,261,391
INFORMATION TECHNOLOGY — 4.1%
Accenture, Cl A		1,314		237,295
Akamai Technologies *		1,702		147,240
Alteryx, Cl A *		513		71,625
Analog Devices		516		56,270
ANSYS *		491		118,915
Apple		18,086		4,943,989
Applied Materials		6,612		384,289
Aspen Technology *		716		76,261
Atlassian, Cl A *		160		23,194
Automatic Data Processing		399		61,741
Avalara *		2,511		212,807
Avnet		874		26,814
Booz Allen Hamilton Holding, Cl A		3,423		244,060
Broadridge Financial Solutions		966		100,812
CACI International, Cl A *		748		183,275
Cadence Design Systems *		2,892		191,277
CDW		2,105		240,433
Ciena *		1,957		75,247
Cisco Systems		1,541		61,532
Coupa Software *		540		80,865
DocuSign, Cl A *		330		28,482
Entegris		3,429		182,834
EPAM Systems *		681		151,999
Euronet Worldwide *		908		112,628
Fair Isaac *		423		159,061
FleetCor Technologies *		548		145,653
FLIR Systems		1,240		52,663
Fortinet *		728		74,300
Genpact		2,041		78,497
Global Payments		1,107		203,655
Intel		12,201		677,400
International Business Machines		1,650		214,748
Intuit		249		66,197
Jabil		5,377		172,333
Jack Henry & Associates		665		100,907

The accompanying notes are an integral part of the financial statements.
75

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Keysight Technologies *		3,093	$	293,093
KLA		1,217		187,065
Lam Research		1,619		475,063
Leidos Holdings		2,282		234,247
Manhattan Associates *		1,822		122,730
Maxim Integrated Products		835		46,443
Microchip Technology		707		64,132
Micron Technology *		8,394		441,189
Microsoft		30,806		4,990,880
MongoDB, Cl A *		672		102,480
Motorola Solutions		1,416		234,603
NVIDIA		767		207,144
Okta, Cl A *		564		72,226
Oracle		441		21,812
Palo Alto Networks *		101		18,647
Paychex		901		69,809
Paycom Software *		736		208,030
PayPal Holdings *		202		21,814
Qorvo *		2,103		211,520
QUALCOMM		5,489		429,789
RingCentral, Cl A *		256		60,352
Sabre		2,285		31,110
ServiceNow *		238		77,609
Skyworks Solutions		1,878		188,138
Smartsheet, Cl A *		2,094		96,952
Splunk *		200		29,466
SYNNEX		1,381		172,666
Synopsys *		885		122,068
Teradyne		4,175		245,323
Texas Instruments		2,602		296,992
Trade Desk, Cl A *		127		36,481
Twilio, Cl A *		231		26,020
Ubiquiti		775		105,136
Universal Display		1,018		161,648
VeriSign *		386		73,244
ViaSat *		418		24,035
VMware, Cl A *		242		29,166
Western Union		4,796		107,382

The accompanying notes are an integral part of the financial statements.
76

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Workday, Cl A *		141	$	24,428
Xerox Holdings		6,340		204,148
Xilinx		534		44,584
Zebra Technologies, Cl A *		1,013		213,713
Zendesk *		808		64,083
Zscaler *		605		31,454
				20,878,212
MATERIALS — 0.5%
Air Products & Chemicals		1,552		340,835
AptarGroup		500		50,535
Ardagh Group, Cl A		2,041		35,779
Ashland Global Holdings		353		25,254
Avery Dennison		508		58,161
Ball		2,014		141,906
Celanese, Cl A		1,328		124,487
CF Industries Holdings		1,771		65,279
Crown Holdings *		2,749		193,804
Eagle Materials		289		22,811
Eastman Chemical		333		20,483
Ecolab		581		104,841
Gold Fields ADR		10,662		63,226
Graphic Packaging Holding		7,155		96,736
Martin Marietta Materials		755		171,785
Packaging Corp of America		803		72,768
PPG Industries		1,061		110,821
Reliance Steel & Aluminum		1,887		193,021
Royal Gold		575		55,470
RPM International		1,035		66,354
Scotts Miracle-Gro		1,905		201,911
Sherwin-Williams		438		226,337
Sonoco Products		2,515		121,248
Vulcan Materials		638		76,726
				2,640,578
REAL ESTATE — 0.2%
Apartment Investment & Management, Cl A ‡		1,474		70,516
CBRE Group, Cl A *		2,325		130,526
EPR Properties ‡		1,270		75,235
Equity Commonwealth ‡		2,003		63,014

The accompanying notes are an integral part of the financial statements.
77

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

COMMON STOCK — continued
	Shares		Value
REAL ESTATE — continued
Equity Residential ‡		727	$	54,598
Extra Space Storage ‡		491		49,277
Jones Lang LaSalle		385		56,891
Kimco Realty ‡		4,261		73,928
Life Storage ‡		463		49,962
Medical Properties Trust ‡		8,885		187,740
National Retail Properties ‡		1,007		51,206
Omega Healthcare Investors ‡		1,800		71,280
Spirit Realty Capital ‡		940		42,770
Sun Communities ‡		610		93,257
				1,070,200
UTILITIES — 0.1%
AES		1,618		27,069
Atmos Energy		843		87,040
CMS Energy		804		48,578
Entergy		422		49,336
Hawaiian Electric Industries		1,697		72,699
OGE Energy		829		31,585
Southern		1,688		101,888
Xcel Energy		516		32,157
				450,352
				70,888,811
Total Common Stock
(Cost $132,561,507)				135,620,588

PREFERRED STOCK — 0.1%
BRAZIL — 0.1%⁽¹⁾
Cia Brasileira de Distribuicao	900	14,583
Petroleo Brasileiro	63,600	356,265
Telefonica Brasil	10,500	125,312
Total Preferred Stock
(Cost $555,008)		496,160

The accompanying notes are an integral part of the financial statements.
78

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

SHORT-TERM INVESTMENT — 2.3%
	Shares		Value
Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (A)
(Cost $11,462,210)		11,462,210	$	11,462,210
Total Investments — 100.3%
(Cost $508,540,270)			$	506,276,455

A list of the open futures contracts held by the Fund at February 29, 2020, is as follows:

Type of Contract	Number of Contracts Long	Expiration Date	Notional Amount		Value		Unrealized Depreciation
MSCI EAFE Index	1	Mar-2020	$	101,657	$	90,800	$	(10,857	)
MSCI Emerging Markets	11	Mar-2020		607,099		554,840		(52,259	)
S&P 500 Index E-MINI	9	Mar-2020		1,429,015		1,327,995		(101,020	)
S&P TSX 60 Index	6	Mar-2020		939,895		868,273		(42,227	)
SGX Nifty 50	108	Mar-2020		2,551,498		2,412,072		(139,426	)
			$	5,629,164	$	5,253,980	$	(345,789	)

A list of open total return swap agreements held by the Fund at February 29, 2020, is as follows:

Counterparty

Reference
Entity/
Obligation

Fund Pays

Fund
Receives

Payment
Frequency

Termination
Date

Currency

Notional
Amount

Value

Net
Unrealized
Depreciation

ReFlow

SPGEX NAV

SOFR +35 BPS

SPGEX

Annually

02/16/2021

USD

3,574,749

(529,146

)

(529,146

)

Percentages are based on Net Assets of $504,811,760.

*	Non-income producing security.

‡	Real Estate Investment Trust

(1)	Rate is not available

(A)	The rate reported is the 7-day effective yield as of February 29, 2020.

ADR — American Depositary Receipt

BPS — Basis Points

Cl — Class

MSCI — Morgan Stanley Capital International

EAFE — Europe, Australia and Far East

ETF — Exchange-Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

NVDR — Non-Voting Depository Receipt

The accompanying notes are an integral part of the financial statements.
79

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

S&P — Standard & Poor’s

SGX — Singapore Exchange

SOFR— Secured Overnight Financing Rate

SPGEX — Symmetry Panoramic Global Equity Fund

TSX — Toronto Stock Exchange

USD — U.S. Dollar

VOL — Volatility

The following table summarizes the inputs used as of February 29, 2020, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Registered Investment Companies	$	358,697,497	$	—	$	—	$	358,697,497
Common Stock
Australia		2,216,122		—		—		2,216,122
Austria		172,087		—		—		172,087
Belgium		147,583		—		—		147,583
Brazil		1,320,497		—		—		1,320,497
Canada		2,905,989		—		—		2,905,989
China		1,151,500		—		—		1,151,500
Denmark		633,108		—		—		633,108
Finland		571,074		—		—		571,074
France		4,840,508		—		—		4,840,508
Germany		2,172,725		—		—		2,172,725
Hong Kong		11,765,863		—		—		11,765,863
Hungary		75,306		—		—		75,306
Indonesia		487,066		—		—		487,066
Ireland		49,666		—		—		49,666
Italy		1,934,633		—		—		1,934,633
Japan		11,551,710		—		—		11,551,710
Malaysia		345,666		—		—		345,666
Mexico		385,155		—		—		385,155
Netherlands		1,175,842		—		—		1,175,842
Norway		141,383		—		—		141,383
Philippines		139,963		—		—		139,963
Poland		299,312		—		—		299,312
Portugal		107,760		—		—		107,760
Singapore		368,432		—		—		368,432
South Africa		943,092		—		—		943,092
South Korea		2,636,625		—		—		2,636,625
Spain		466,786		—		—		466,786
Sweden		1,673,327		—		—		1,673,327
Switzerland		4,279,337		—		—		4,279,337
Taiwan		5,331,635		481,509		—		5,813,144

The accompanying notes are an integral part of the financial statements.
80

SYMMETRY PANORAMIC GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

Investments in Securities	Level 1		Level 2		Level 3		Total
Thailand	$	359,504	$	—	$	—	$	359,504
Turkey		671,553		—		—		671,553
United Kingdom		2,929,459		—		—		2,929,459
United States		70,888,811		—		—		70,888,811
Total Common Stock		135,139,079		481,509		—		135,620,588
Preferred Stock
Brazil		496,160		—		—		496,160
Short-Term Investment		11,462,210		—		—		11,462,210
Total Investments in Securities	$	505,794,946	$	481,509	$	—	$	506,276,455

Other Financial Instruments	Level 1			Level 2			Level 3		Total
Futures Contracts^
Unrealized Depreciation	$	(345,789	)	$	—		$	—	$	(345,789	)
Total Return Swap^
Unrealized Depreciation		—			(529,146	)		—		(529,146	)
Total Financial Instruments	$	(345,789	)	$	(529,146	)	$	—	$	(874,935	)

^	Futures contracts and swap contracts are valued at the unrealized depreciation on the instrument.

Amounts designated as “—” are $0.

For the period ended February 29, 2020, there were no transfers in or out of Level 3 securities.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.
81

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.1%
	Shares		Value
EQUITY FUNDS — 98.1%
AQR TM Emerging Multi-Style Fund, Cl R6		302,544	$	2,865,090
AQR TM International Multi-Style Fund, Cl R6		438,040		4,362,883
AQR TM Large Capital Multi-Style Fund, Cl R6		518,876		6,532,649
DFA Emerging Markets Core Equity Portfolio, Cl I		180,386		3,499,495
DFA International Vector Equity Portfolio, Cl I		521,820		5,557,378
DFA Real Estate Securities Portfolio, Cl I		55,055		2,125,676
DFA TA US Core Equity 2 Portfolio, Cl I		367,606		6,624,257
DFA TA World ex US Core Equity Portfolio, Cl I		214,142		2,126,433
DFA Tax-Managed US Marketwide Value Portfolio, Cl I		39,579		1,102,660
DFA US Vector Equity Portfolio, Cl I		457,324		7,747,067
iShares Edge MSCI Min Vol Global ETF		53,608		4,833,833
Vanguard U.S. Value Factor		7,400		479,298
Total Registered Investment Companies
(Cost $50,060,195)				47,856,719

SHORT-TERM INVESTMENT — 2.1%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (A)
(Cost $1,045,307)	1,045,307		1,045,307
Total Investments — 100.2%
(Cost $51,105,502)		$	48,902,026

A list of open total return swap agreements held by the Fund at February 29, 2020, is as follows:

Counterparty

Reference
Entity/
Obligation

Fund Pays

Fund
Receives

Payment
Frequency

Termination
Date

Currency

Notional
Amount

Value

Net
Unrealized
Depreciation

ReFlow

SPGTX NAV

SOFR +35 BPS

SPGTX

Annually

02/16/2021

USD

942,826

(108,975

)

(108,975

)

Percentages are based on Net Assets of $48,787,887.

The accompanying notes are an integral part of the financial statements.
82

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND
FEBRUARY 29, 2020
(Unaudited)

(A)	The rate reported is the 7-day effective yield as of February 29, 2020.

BPS — Basis Points

Cl — Class

ETF — Exchange-Traded Fund

MIN — Minimum

MSCI — Morgan Stanley Capital International

SOFR — Secured Overnight Financing Rate

SPGTX — Symmetry Panoramic Tax-Managed Global Equity Fund

USD — U.S. Dollar

VOL — Volatility

The following table summarizes the inputs used as of February 29, 2020, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Registered Investment Companies	$	47,856,719	$	—	$	—	$	47,856,719
Short-Term Investment		1,045,307		—		—		1,045,307
Total Investments in Securities	$	48,902,026	$	—	$	—	$	48,902,026

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Total Return Swap^
Unrealized Depreciation	$	—	$	(108,975	)	$	—	$	(108,975	)
Total Other Financial Instruments	$	—	$	(108,975	)	$	—	$	(108,975	)

^	Swap contracts are valued at the unrealized depreciation on the instrument.

Amounts designated as “— ” are $0.

For the period ended February 29, 2020, there were no transfers in or out of Level 3 securities.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.
83

SYMMETRY PANORAMIC US FIXED INCOME FUND
FEBRUARY 29, 2020
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 99.0%
	Shares		Value
FIXED INCOME FUNDS — 99.0%
DFA One-Year Fixed Income Portfolio, Cl I		381	$	3,927
iShares Core 1-5 Year USD Bond ETF, Cl 5		628,174		32,080,846
Vanguard Short-Term Bond Index Fund, Cl Admiral Shares (A)		9,285,207		99,723,126
Vanguard Total Bond Market Index Fund, Cl Admiral Shares (A)		9,956,893		113,807,291
Total Registered Investment Companies
(Cost $231,773,750)				245,615,190

SHORT-TERM INVESTMENT — 1.2%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (B)
(Cost $2,995,472)	2,995,472		2,995,472
Total Investments — 100.2%
(Cost $234,769,222)		$	248,610,662

Percentages are based on Net Assets of $248,177,019.

(A)	Represents greater than 25% of the Fund’s total investments. For further financial information, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov.

(B)	The rate reported is the 7-day effective yield as of February 29, 2020.

Cl — Class

ETF — Exchange-Traded Fund

USD — U.S. Dollar

As of February 29, 2020, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurement and disclosure under U.S. generally accepted accounting principles.

For the period ended February 29, 2020, there were no transfers in or out of Level 3 securities.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.
84

SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND
FEBRUARY 29, 2020
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 98.1%
	Shares		Value
MUNICIPAL BOND FUNDS — 98.1%
DFA Intermediate-Term Municipal Bond Portfolio, Cl I		443,470	$	4,665,301
DFA Short-Term Municipal Bond Portfolio, Cl I (A)		1,072,492		10,928,695
iShares National Muni Bond ETF		8,228		960,290
iShares Short-Term National Muni Bond ETF		17,726		1,904,659
Total Registered Investment Companies
(Cost $18,308,955)				18,458,945

SHORT-TERM INVESTMENT — 2.0%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (B)
(Cost $371,843)	371,843		371,843
Total Investments — 100.1%
(Cost $18,680,798)		$	18,830,788

Percentages are based on Net Assets of $18,821,197.

(A)	Represents greater than 25% of the Fund’s total investments. For further financial information, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov.

(B)	The rate reported is the 7-day effective yield as of February 29, 2020.

Cl — Class

ETF — Exchange-Traded Fund

For the period ended February 29, 2020, there were no transfers in or out of Level 3 securities.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.
85

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND
FEBRUARY 29, 2020
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 99.4%
	Shares		Value
FIXED INCOME FUNDS — 99.4%
DFA Five-Year Global Fixed Income Portfolio, Cl I		2,593,870	$	28,039,735
Vanguard Total Bond Market Index Fund, Cl Admiral Shares (A)		17,284,894		197,566,339
Vanguard Total International Bond Index Fund, Cl Admiral Shares (A)		5,076,319		176,605,148
Total Registered Investment Companies
(Cost $377,055,013)				402,211,222

SHORT-TERM INVESTMENT — 0.8%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (B)
(Cost $3,417,080)		3,417,080		3,417,080
Total Investments — 100.2%
(Cost $380,472,093)			$	405,628,302

Percentages are based on Net Assets of $404,795,113.

(A)	Represents greater than 25% of the Fund’s total investments. For further financial information, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov.

(B)	The rate reported is the 7-day effective yield as of February 29, 2020.

Cl — Class

For the period ended February 29, 2020, there were no transfers in or out of Level 3 securities.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.
86

SYMMETRY PANORAMIC ALTERNATIVES FUND
FEBRUARY 29, 2020
(Unaudited)

SECTOR WEIGHTINGS†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
REGISTERED INVESTMENT COMPANIES — 100.4%
	Shares		Value
EQUITY FUNDS — 100.4%
AQR Alternative Risk Premia Fund, Cl R6		18,613	$	159,697
AQR Diversified Arbitrage Fund, Cl R6 (A)		34,449		324,856
AQR Managed Futures Strategy Fund, Cl R6		19,919		162,539
JPMorgan Systematic Alpha Fund, Cl R6 (A)		19,898		269,020
Total Registered Investment Companies
(Cost $940,963)				916,112

SHORT-TERM INVESTMENT — 1.0%
Invesco Government & Agency Portfolio, Cl Institutional, 1.500% (B)
(Cost $9,344)	9,344		9,344
Total Investments — 101.4%
(Cost $950,307)		$	925,456

Percentages are based on Net Assets of $912,314.

(A)	Represents greater than 25% of the Fund’s total investments. For further financial information, available upon request at no charge, please go to the Securities Exchange Commission’s website at http://www.sec.gov.

(B)	The rate reported is the 7-day effective yield as of February 29, 2020.

Cl — Class

For the period ended February 29, 2020, there were no transfers in or out of Level 3 securities.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.
87

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

Statements of Assets and Liabilities
	US Equity Fund		International Equity Fund			Global Equity Fund		Tax-Managed Global Equity Fund
Assets:
Investments, at Value †	$	501,169,806	$	273,398,919		$	506,276,455	$	48,902,026
Foreign Currency, at Value ††		—		898,829			794,309		—
Receivable for Capital Shares Sold		374,994		203,127			380,637		29,199
Deposits with Broker for Futures		188,547		—			78,994		—
Dividends and Interest Receivable		161,485		155,940			214,861		575
Reclaim Receivable		50		75,803			58,417		—
Cash Collateral on Swap Contracts		—		92,326			—		—
Prepaid Expenses		19,007		16,320			18,253		12,160
Total Assets		501,913,889		274,841,264			507,821,926		48,943,960

Liabilities:
Payable for Capital Shares Redeemed		1,320,113		773,675			1,443,603		—
Unrealized Depreciation on Swap Contracts		567,592		211,342			529,146		108,975
Unrealized Depreciation on Futures Contracts		199,508		294,394			345,789		—
Payable Due to Adviser		122,542		91,670			130,304		3,752
Shareholder Servicing Fees Payable		99,661		53,687			101,598		1,920
Chief Compliance Officer Fees Payable		34,379		18,178			34,465		2,277
Payable Due to Administrator		15,202		8,014			15,141		1,415
Audit Fees Payable		9,663		7,363			7,363		9,663
Transfer Agent Fees Payable		7,156		6,615			6,586		6,792
Trustees Fees Payable		6,736		6,736			6,736		6,736
Due to Broker for Futures		—		447,055			202,387		—
Unrealized Depreciation on Spot Currency Contracts		—		9			—		—
Other Accrued Expenses		164,185		111,284			187,048		14,543
Total Liabilities		2,546,737		2,030,022			3,010,166		156,073

Net Assets	$	499,367,152	$	272,811,242		$	504,811,760	$	48,787,887

† Cost of Investments	$	498,668,653	$	279,775,120		$	508,540,270	$	51,105,502
†† Cost of Foreign Currency		—		959,379			841,907		—

Net Assets Consist of:
Paid-in Capital	$	485,661,121	$	279,954,428		$	500,097,717	$	50,830,367
Total Distributable Earnings (Loss)		13,706,031		(7,143,186	)		4,714,043		(2,042,480	)
Net Assets	$	499,367,152	$	272,811,242		$	504,811,760	$	48,787,887

Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		49,367,197		27,743,245			50,318,223		4,749,793
Class I Shares Net Asset Value, Offering and Redemption Price Per Share	$	10.12	$	9.83		$	10.03	$	10.27

The accompanying notes are an integral part of the financial statements.
88

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES
	US Fixed Income Fund		Municipal Fixed Income Fund		Global Fixed Income Fund		Alternatives Fund
Assets:
Investments, at Value †	$	248,610,662	$	18,830,788	$	405,628,302	$	925,456
Dividends and Interest Receivable		403,756		414		543,197		11
Receivable for Capital Shares Sold		57,002		10,792		128,604		—
Receivable Due from Adviser		—		3,514		—		7,220
Prepaid Expenses		22,867		11,955		17,214		11,036
Total Assets		249,094,287		18,857,463		406,317,317		943,723

Liabilities:
Payable for Capital Shares Redeemed		725,951		1,078		1,206,680		—
Shareholder Servicing Fees Payable		38,987		830		71,142		295
Payable Due to Adviser		38,699		—		72,469		—
Chief Compliance Officer Fees Payable		13,634		750		23,996		59
Audit Fees Payable		9,663		9,663		9,663		9,663
Trustees Fees Payable		6,736		6,736		6,736		6,736
Payable Due to Administrator		6,633		497		10,846		25
Transfer Agent Fees Payable		6,021		6,040		5,917		5,683
Income Distributions Payable		3,177		103		1,399		—
Other Accrued Expenses		67,767		10,569		113,356		8,948
Total Liabilities		917,268		36,266		1,522,204		31,409

Net Assets	$	248,177,019	$	18,821,197	$	404,795,113	$	912,314

† Cost of Investments	$	234,769,222	$	18,680,798	$	380,472,093	$	950,307

Net Assets Consist of:
Paid-in Capital	$	234,280,763	$	18,671,251	$	379,537,248	$	939,306
Total Distributable Earnings (Loss)		13,896,256		149,946		25,257,865		(26,992	)
Net Assets	$	248,177,019	$	18,821,197	$	404,795,113	$	912,314

Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		23,063,327		1,834,143		37,469,208		95,832
Class I Shares Net Asset Value, Offering and Redemption Price Per Share	$	10.76	$	10.26	$	10.80	$	9.52

The accompanying notes are an integral part of the financial statements.
89

SYMMETRY PANORAMIC TRUST
SIX MONTHS ENDED FEBRUARY 29, 2020
(Unaudited)

Statements of Operations
	US Equity Fund			International Equity Fund			Global Equity Fund			Tax-Managed Global Equity Fund
Investment Income:
Dividend Income	$	4,197,809		$	5,945,743		$	6,862,259		$	498,111
Interest Income		950			—			—			—
Less: Foreign Taxes Withheld		(322	)		(78,261	)		(61,034	)		—
Total Investment Income		4,198,437			5,867,482			6,801,225			498,111

Expenses:
Investment Advisory Fees		1,465,862			992,840			1,685,476			130,286
Shareholder Servicing Fees		303,941			161,498			306,889			13,205
Administration Fees		97,304			51,784			97,687			7,278
Chief Compliance Officer Fees		12,572			6,767			12,604			1,228
Trustees’ Fees		10,388			10,388			10,388			10,388
Registration Fees		29,623			21,235			30,126			13,577
Custodian Fees		28,761			61,911			77,629			1,079
Legal Fees		23,360			12,432			23,474			1,598
Transfer Agent Fees		21,287			19,228			21,100			17,547
Offering Costs		16,994			9,466			17,618			227
Printing Fees		12,835			8,392			13,930			1,061
Audit Fees		6,164			6,364			6,364			6,164
Insurance and Other Expenses		38,809			37,824			55,122			7,566

Total Expenses		2,067,900			1,400,129			2,358,407			211,204
Less:
Waiver of Investment Advisory Fees		(624,897	)		(437,216	)		(754,179	)		(78,172	)
Reimbursement by Investment Adviser		(163,706	)		(40,992	)		(213,043	)		(48,847	)
Net Expenses		1,279,297			921,921			1,391,185			84,185

Net Investment Income		2,919,140			4,945,561			5,410,040			413,926

The accompanying notes are an integral part of the financial statements.
90

SYMMETRY PANORAMIC TRUST
SIX MONTHS ENDED FEBRUARY 29, 2020
(Unaudited)

STATEMENTS OF OPERATIONS - continued
	US Equity Fund			International Equity Fund			Global Equity Fund			Tax-Managed Global Equity Fund
Net Realized and Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss) on Investments Sold	$	7,018,491		$	1,560,425		$	5,989,642		$	(18	)
Net Realized Gain on Futures Contracts		258,672			257,586			349,671			—
Net Realized Loss on Foreign Currency Transactions		—			(18,127	)		(15,665	)		—
Net Realized Gain Received on Distributions from Registered Investment Companies		5,865,873			—			3,305,254			276,062
Net Realized Gain on Swap Contracts		783,862			220,785			724,285			47,780
Net Unrealized Depreciation on Investments		(29,966,562	)		(10,044,950	)		(24,721,985	)		(2,741,282	)
Net Unrealized Depreciation on Futures Contracts		(240,317	)		(250,669	)		(359,776	)		—
Net Unrealized Depreciation on Swap Contracts		(712,436	)		(36,778	)		(480,933	)		(98,127	)
Net Unrealized Depreciation on Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		—			(4,423	)		(3,451	)		—
Net Realized and Unrealized Loss on Investments, Swap Contracts, Futures Contracts, Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		(16,992,417	)		(8,316,151	)		(15,212,958	)		(2,515,585	)
Net Decrease in Net Assets Resulting from Operations	$	(14,073,277	)	$	(3,370,590	)	$	(9,802,918	)	$	(2,101,659	)

The accompanying notes are an integral part of the financial statements.
91

SYMMETRY PANORAMIC TRUST
SIX MONTHS ENDED FEBRUARY 29, 2020
(Unaudited)

STATEMENTS OF OPERATIONS
	US Fixed Income Fund			Municipal Fixed Income Fund			Global Fixed Income Fund			Alternatives Fund
Investment Income:
Dividend Income	$	2,566,039		$	87,402		$	7,356,052		$	19,819
Total Investment Income		2,566,039			87,402			7,356,052			19,819

Expenses:
Investment Advisory Fees		480,797			30,614			966,826			5,954
Shareholder Servicing Fees		118,368			4,699			214,561			1,214
Administration Fees		38,967			2,362			67,880			169
Trustees’ Fees		10,388			10,388			10,388			10,388
Chief Compliance Officer Fees		5,325			417			8,804			22
Transfer Agent Fees		19,067			17,122			20,071			16,910
Registration Fees		18,221			10,032			25,638			8,913
Legal Fees		9,283			520			16,421			41
Custodian Fees		7,199			415			12,979			35
Offering Costs		6,646			59			11,547			5
Audit Fees		6,164			6,164			6,164			6,164
Printing Fees		5,737			475			8,979			157
Insurance and Other Expenses		18,236			5,330			28,245			4,352

Total Expenses		744,398			88,597			1,398,503			54,324
Less:
Waiver of Investment Advisory Fees		(213,688	)		(14,330	)		(502,005	)		(4,570	)
Reimbursement by Investment Adviser		(92,654	)		(47,562	)		(97,012	)		(47,446	)
Net Expenses		438,056			26,705			799,486			2,308

Net Investment Income		2,127,983			60,697			6,556,566			17,511

Net Realized and Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss) on Investments Sold		57,045			(53	)		303,489			58
Net Unrealized Appreciation (Depreciation) on Investments		3,800,251			68,772			656,310			(46,343	)
Net Realized and Unrealized Gain (Loss) on Investments		3,857,296			68,719			959,799			(46,285	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,985,279		$	129,416		$	7,516,365		$	(28,774	)

The accompanying notes are an integral part of the financial statements.
92

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets
	US Equity Fund
	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Operations:
Net Investment Income	$	2,919,140		$	4,696,228
Net Realized Gain on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		13,926,898			2,644,925
Net Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Swap Contacts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		(30,919,315	)		32,653,368
Net Increase (Decrease) in Net Assets Resulting from Operations		(14,073,277	)		39,994,521

Distributions		(10,539,740	)		(1,675,473	)

Capital Share Transactions:
Class I Shares:
Issued		87,655,964			567,425,503
Reinvestment of Distributions		10,534,369			1,675,473
Redeemed		(80,976,617	)		(100,653,571	)
Net Class I Share Transactions		17,213,716			468,447,405
Net Increase in Net Assets from Share Transactions		17,213,716			468,447,405
Total Increase (Decrease) in Net Assets		(7,399,301	)		506,766,453

Net Assets:
Beginning of Period		506,766,453			—
End of Period	$	499,367,152		$	506,766,453

Share Transactions:
Class I Shares:
Issued		7,808,658			57,531,373
Reinvestment of Distributions		929,777			184,118
Redeemed		(7,267,461	)		(9,819,268	)
Net Increase in Shares Outstanding from Share Transactions		1,470,974			47,896,223

*	The Fund commenced operations on November 12, 2018.

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.
93

SYMMETRY PANORAMIC TRUST

Statements of Changes in Net Assets
	International Equity Fund
	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Operations:
Net Investment Income	$	4,945,561		$	5,237,469
Net Realized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		2,020,669			(1,862,476	)
Net Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Swap Contacts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		(10,336,820	)		3,390,715
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,370,590	)		6,765,708

Distributions		(8,354,916	)		(2,183,388	)

Capital Share Transactions:
Class I Shares:
Issued		47,072,482			308,823,565
Reinvestment of Distributions		8,351,570		��	2,183,388
Redeemed		(35,786,811	)		(50,689,766	)
Net Class I Share Transactions		19,637,241			260,317,187
Net Increase in Net Assets from Share Transactions		19,637,241			260,317,187
Total Increase in Net Assets		7,911,735			264,899,507

Net Assets:
Beginning of Period		264,899,507			—
End of Period	$	272,811,242		$	264,899,507

Share Transactions:
Class I Shares:
Issued		4,319,961			30,665,775
Reinvestment of Distributions		758,544			226,024
Redeemed		(3,325,733	)		(4,901,326	)
Net Increase in Shares Outstanding from Share Transactions		1,752,772			25,990,473

*	The Fund commenced operations on November 12, 2018.

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.
94

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	Global Equity Fund
	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Operations:
Net Investment Income	$	5,410,040		$	6,963,178
Net Realized Gain on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		10,353,187			207,454
Net Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Swap Contacts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		(25,566,145	)		22,377,176
Net Increase (Decrease) in Net Assets Resulting from Operations		(9,802,918	)		29,547,808

Distributions		(12,370,350	)		(2,660,497	)

Capital Share Transactions:
Class I Shares:
Issued		82,574,637			578,259,771
Reinvestment of Distributions		12,369,739			2,660,497
Redeemed		(75,393,182	)		(100,373,745	)
Net Class I Share Transactions		19,551,194			480,546,523
Net Increase in Net Assets from Share Transactions		19,551,194			480,546,523
Total Increase (Decrease) in Net Assets		(2,622,074	)		507,433,834

Net Assets:
Beginning of Period		507,433,834			—
End of Period	$	504,811,760		$	507,433,834

Share Transactions:
Class I Shares:
Issued		7,432,765			58,111,094
Reinvestment of Distributions		1,101,690			285,155
Redeemed		(6,855,872	)		(9,756,609	)
Net Increase in Shares Outstanding from Share Transactions		1,678,583			48,639,640

*	The Fund commenced operations on November 12, 2018.

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.
95

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	Tax-Managed Global Equity Fund
	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Operations:
Net Investment Income	$	413,926		$	106,628
Net Realized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Transactions and Swap Contracts		323,824			(31,975	)
Net Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Swap Contacts, and Foreign Currency Transactions and Translation of other Assets and Liabilities Denominated in Foreign Currencies		(2,839,409	)		526,958
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,101,659	)		601,611

Distributions		(539,136	)		(3,296	)

Capital Share Transactions:
Class I Shares:
Issued		27,634,450			28,640,183
Reinvestment of Distributions		526,015			3,296
Redeemed		(3,966,354	)		(2,007,223	)
Net Class I Share Transactions		24,194,111			26,636,256
Net Increase in Net Assets from Share Transactions		24,194,111			26,636,256
Total Increase in Net Assets		21,553,316			27,234,571

Net Assets:
Beginning of Period		27,234,571			—
End of Period	$	48,787,887		$	27,234,571

Share Transactions:
Class I Shares:
Issued		2,457,701			2,783,966
Reinvestment of Distributions		45,740			353
Redeemed		(349,274	)		(188,693	)
Net Increase in Shares Outstanding from Share Transactions		2,154,167			2,595,626

*	The Fund commenced operations on November 12, 2018.

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.
96

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	US Fixed Income Fund
	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Operations:
Net Investment Income	$	2,127,983		$	2,977,009
Net Realized Gain on Investments		57,045			146,607
Net Unrealized Appreciation on Investments		3,800,251			10,041,189
Net Increase in Net Assets Resulting from Operations		5,985,279			13,164,805

Distributions		(2,277,549	)		(2,976,279	)

Capital Share Transactions:
Class I Shares:
Issued		66,898,849			235,234,437
Reinvestment of Distributions		2,271,087			2,976,247
Redeemed		(26,274,895	)		(46,824,962	)
Net Class I Share Transactions		42,895,041			191,385,722
Net Increase in Net Assets from Share Transactions		42,895,041			191,385,722
Total Increase in Net Assets		46,602,771			201,574,248

Net Assets:
Beginning of Period		201,574,248			—
End of Period	$	248,177,019		$	201,574,248

Share Transactions:
Class I Shares:
Issued		6,339,052			23,256,893
Reinvestment of Distributions		214,448			287,747
Redeemed		(2,485,194	)		(4,549,619	)
Net Increase in Shares Outstanding from Share Transactions		4,068,306			18,995,021

*	The Fund commenced operations on November 12, 2018.

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.
97

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	Municipal Fixed Income Fund
	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Operations:
Net Investment Income	$	60,697		$	38,463
Net Realized Loss on Investments		(53	)		(149	)
Net Unrealized Appreciation on Investments		68,772			81,218
Net Increase in Net Assets Resulting from Operations		129,416			119,532

Distributions		(60,863	)		(38,139	)

Capital Share Transactions:
Class I Shares:
Issued		11,657,565			9,841,507
Reinvestment of Distributions		60,599			37,879
Redeemed		(1,608,098	)		(1,318,201	)
Net Class I Share Transactions		10,110,066			8,561,185
Net Increase in Net Assets from Share Transactions		10,110,066			8,561,185
Total Increase in Net Assets		10,178,619			8,642,578

Net Assets:
Beginning of Period		8,642,578			—
End of Period	$	18,821,197		$	8,642,578

Share Transactions:
Class I Shares:
Issued		1,140,857			970,457
Reinvestment of Distributions		5,927			3,723
Redeemed		(157,218	)		(129,603	)
Net Increase in Shares Outstanding from Share Transactions		989,566			844,577

*	The Fund commenced operations on November 12, 2018.

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.
98

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	Global Fixed Income Fund
	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Operations:
Net Investment Income	$	6,556,566		$	6,779,255
Net Realized Gain on Investments		303,489			484,192
Net Unrealized Appreciation on Investments		656,310			24,499,899
Net Increase in Net Assets Resulting from Operations		7,516,365			31,763,346

Distributions		(7,244,397	)		(6,777,449	)

Capital Share Transactions:
Class I Shares:
Issued		73,622,430			404,450,934
Reinvestment of Distributions		7,238,747			6,776,920
Redeemed		(44,924,497	)		(67,627,286	)
Net Class I Share Transactions		35,936,680			343,600,568
Net Increase in Net Assets from Share Transactions		35,936,680			343,600,568
Total Increase in Net Assets		36,208,648			368,586,465

Net Assets:
Beginning of Period		368,586,465			—
End of Period	$	404,795,113		$	368,586,465

Share Transactions:
Class I Shares:
Issued		6,927,206			39,942,278
Reinvestment of Distributions		683,873			662,692
Redeemed		(4,203,633	)		(6,543,208	)
Net Increase in Shares Outstanding from Share Transactions		3,407,446			34,061,762

*	The Fund commenced operations on November 12, 2018.

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.
99

SYMMETRY PANORAMIC TRUST

STATEMENTS OF CHANGES IN NET ASSETS
	Alternatives Fund
	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Operations:
Net Investment Income	$	17,511		$	963
Net Realized Gain (Loss) on Investments		58			(1,451	)
Net Unrealized Appreciation (Depreciation) on Investments		(46,343	)		21,492
Net Increase (Decrease) in Net Assets Resulting from Operations		(28,774	)		21,004

Distributions		(16,931	)		(2,291	)

Capital Share Transactions:
Class I Shares:
Issued		6,344			849,369
Reinvestment of Distributions		16,931			2,291
Redeemed		(10	)		(35,619	)
Net Class I Share Transactions		23,265			816,041
Net Increase in Net Assets from Share Transactions		23,265			816,041
Total Increase (Decrease) in Net Assets		(22,440	)		834,754

Net Assets:
Beginning of Period		934,754			100,000
End of Period	$	912,314		$	934,754

Share Transactions:
Class I Shares:
Issued (**including 10,000 seed shares)		640			96,842	**
Reinvestment of Distributions		1,754			239
Redeemed		(1	)		(3,642	)
Net Increase in Shares Outstanding from Share Transactions		2,393			93,439

*	The Fund commenced operations on November 12, 2018.

The accompanying notes are an integral part of the financial statements.
100

SYMMETRY PANORAMIC US EQUITY FUND

Financial Highlights

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Net Asset Value, Beginning of Period	$	10.58		$	10.00
Income (Loss) from Operations:
Net Investment Income⁽¹⁾		0.06			0.11
Net Realized and Unrealized Gain (Loss)		(0.30	)		0.51
Total from Operations		(0.24	)		0.62
Dividends and Distributions:
Net Investment Income		(0.12	)		(0.04	)
Net Realized Gain		(0.10	)		—
Total Dividends and Distributions		(0.22	)		(0.04	)
Net Asset Value, End of Period	$	10.12		$	10.58
Total Return†		(2.43	)%		6.26	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	499,367		$	506,766
Ratio of Expenses to Average Net Assets⁽²⁾		0.48	%**		0.48	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		0.78	%**		0.82	%**
Ratio of Net Investment Income to Average Net Assets⁽²⁾ ⁽³⁾		1.10	%**		1.32	%**
Portfolio Turnover Rate		19	%***		22	%***

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*	Commenced operations on November 12, 2018.

**	Annualized.

***	Not Annualized.

†

Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period. Return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.
101

SYMMETRY PANORAMIC INTERNATIONAL EQUITY FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Net Asset Value, Beginning of Period	$	10.19		$	10.00
Income (Loss) from Operations:
Net Investment Income⁽¹⁾		0.19			0.23
Net Realized and Unrealized Gain (Loss)		(0.22	)		0.06
Total from Operations		(0.03	)		0.29
Dividends and Distributions:
Net Investment Income		(0.33	)		(0.10	)
Total Dividends and Distributions		(0.33	)		(0.10	)
Net Asset Value, End of Period	$	9.83		$	10.19
Total Return†		(0.67	)%		2.93	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	272,811		$	264,900
Ratio of Expenses to Average Net Assets⁽²⁾		0.65	%**		0.65	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		0.99	%**		1.04	%**
Ratio of Net Investment Income to Average Net Assets⁽²⁾ ⁽³⁾		3.49	%**		2.72	%**
Portfolio Turnover Rate		19	%***		24	%***

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*	Commenced operations on November 12, 2018.

**	Annualized.

***	Not Annualized.

†

The accompanying notes are an integral part of the financial statements.
102

SYMMETRY PANORAMIC GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Net Asset Value, Beginning of Period	$	10.43		$	10.00
Income (Loss) from Operations:
Net Investment Income⁽¹⁾		0.11			0.16
Net Realized and Unrealized Gain (Loss)		(0.25	)		0.33
Total from Operations		(0.14	)		0.49
Dividends and Distributions:
Net Investment Income		(0.21	)		(0.06	)
Net Realized Gain		(0.05	)		—
Total Dividends and Distributions		(0.26	)		(0.06	)
Net Asset Value, End of Period	$	10.03		$	10.43
Total Return†		(1.59	)%		4.99	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	504,812		$	507,434
Ratio of Expenses to Average Net Assets⁽²⁾		0.52	%**		0.52	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		0.88	%**		0.93	%**
Ratio of Net Investment Income to Average Net Assets⁽²⁾ ⁽³⁾		2.03	%**		1.92	%**
Portfolio Turnover Rate		19	%***		23	%***

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*	Commenced operations on November 12, 2018.

**	Annualized.

***	Not Annualized.

†

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.
103

SYMMETRY PANORAMIC TAX-MANAGED GLOBAL EQUITY FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Net Asset Value, Beginning of Period	$	10.49		$	10.00
Income (Loss) from Operations:
Net Investment Income⁽¹⁾		0.12			0.08
Net Realized and Unrealized Gain (Loss)		(0.20	)		0.44
Total from Operations		(0.08	)		0.52
Dividends and Distributions:
Net Investment Income		(0.14	)		(0.03	)
Total Dividends and Distributions		(0.14	)		(0.03	)
Net Asset Value, End of Period	$	10.27		$	10.49
Total Return†		(0.89	)%		5.20	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	48,788		$	27,235
Ratio of Expenses to Average Net Assets⁽²⁾		0.42	%**		0.42	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		1.06	%**		1.72	%**
Ratio of Net Investment Income to Average Net Assets⁽²⁾ ⁽³⁾		2.07	%**		0.98	%**
Portfolio Turnover Rate		0	%***		11	%***

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*	Commenced operations on November 12, 2018.

**	Annualized.

***	Not Annualized.

†

The accompanying notes are an integral part of the financial statements.
104

SYMMETRY PANORAMIC US FIXED INCOME FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Net Asset Value, Beginning of Period	$	10.61		$	10.00
Income from Operations:
Net Investment Income⁽¹⁾		0.10			0.18
Net Realized and Unrealized Gain		0.16			0.59
Total from Operations		0.26			0.77
Dividends and Distributions:
Net Investment Income		(0.10	)		(0.16	)
Net Realized Gain		(0.01	)		—
Total Dividends and Distributions		(0.11	)		(0.16	)
Net Asset Value, End of Period	$	10.76		$	10.61
Total Return†		2.49	%		7.75	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	248,177		$	201,574
Ratio of Expenses to Average Net Assets⁽²⁾		0.41	%**		0.41	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		0.70	%**		0.75	%**
Ratio of Net Investment Income to Average Net Assets⁽²⁾ ⁽³⁾		2.00	%**		2.15	%**
Portfolio Turnover Rate		5	%***		16	%***

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*	Commenced operations on November 12, 2018.

**	Annualized.

***	Not Annualized.

†

Amounts designated as “—” are $0.

The accompanying notes are an integral part of the financial statements.
105

SYMMETRY PANORAMIC MUNICIPAL FIXED INCOME FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Net Asset Value, Beginning of Period	$	10.23		$	10.00
Income from Operations:
Net Investment Income⁽¹⁾		0.05			0.09
Net Realized and Unrealized Gain		0.03			0.22
Total from Operations		0.08			0.31
Dividends and Distributions:
Net Investment Income		(0.05	)		(0.08	)
Total Dividends and Distributions		(0.05	)		(0.08	)
Net Asset Value, End of Period	$	10.26		$	10.23
Total Return†		0.74	%		3.10	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	18,821		$	8,643
Ratio of Expenses to Average Net Assets⁽²⁾		0.41	%**		0.41	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		1.36	%**		3.23	%**
Ratio of Net Investment Income to Average Net Assets⁽²⁾ ⁽³⁾		0.93	%**		1.10	%**
Portfolio Turnover Rate		0	%***		9	%***

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*	Commenced operations on November 12, 2018.

**	Annualized.

***	Not Annualized.

†

The accompanying notes are an integral part of the financial statements.
106

SYMMETRY PANORAMIC GLOBAL FIXED INCOME FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Net Asset Value, Beginning of Period	$	10.82		$	10.00
Income from Operations:
Net Investment Income⁽¹⁾		0.19			0.23
Net Realized and Unrealized Gain		—			0.81
Total from Operations		0.19			1.04
Dividends and Distributions:
Net Investment Income		(0.19	)		(0.22	)
Net Realized Gain		(0.02	)		—
Total Dividends and Distributions		(0.21	)		(0.22	)
Net Asset Value, End of Period	$	10.80		$	10.82
Total Return†		1.81	%		10.58	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	404,795		$	368,586
Ratio of Expenses to Average Net Assets⁽²⁾		0.43	%**		0.43	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		0.75	%**		0.79	%**
Ratio of Net Investment Income to Average Net Assets⁽²⁾ ⁽³⁾		3.53	%**		2.75	%**
Portfolio Turnover Rate		3	%***		7	%***

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*	Commenced operations on November 12, 2018.

**	Annualized.

***	Not Annualized.

†

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.
107

SYMMETRY PANORAMIC ALTERNATIVES FUND

FINANCIAL HIGHLIGHTS

Selected Per Share Date & Ratios

For a Share Outstanding

Throughout the Period

Class I Shares	Six Months Ended February 29, 2020 (Unaudited)			Period Ended August 31, 2019*
Net Asset Value, Beginning of Period	$	10.00		$	10.00
Income (Loss) from Operations:
Net Investment Income⁽¹⁾		0.19			0.03
Net Realized and Unrealized Gain (Loss)		(0.49	)		0.20
Total from Operations		(0.30	)		0.23
Dividends and Distributions:
Net Investment Income		(0.18	)		(0.23	)
Total Dividends and Distributions		(0.18	)		(0.23	)
Net Asset Value, End of Period	$	9.52		$	10.00
Total Return†		(3.02	)%		2.39	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	912		$	935
Ratio of Expenses to Average Net Assets⁽²⁾		0.50	%**		0.50	%**
Ratio of Expenses to Average Net Assets (Excluding Waivers)⁽²⁾		11.79	%**		31.15	%**
Ratio of Net Investment Income to Average Net Assets⁽²⁾ ⁽³⁾		3.80	%**		0.33	%**
Portfolio Turnover Rate		5	%***		15	%***

(1)

Calculated using average shares.

(2)

The ratio of expenses to average net assets and net investment income (loss) to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

(3)

Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

*	Commenced operations on November 12, 2018.

**	Annualized.

***	Not Annualized.

†

The accompanying notes are an integral part of the financial statements.
108

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

Notes to Financial Statements

1. Organization:

The Symmetry Panoramic Trust (the “Trust”) is organized as a Delaware statutory trust under an Agreement and Declaration of Trust, dated April 3, 2018. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company currently consisting of eight separate portfolios. The financial statements herein are those of the Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic US Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Fixed Income Fund and Symmetry Panoramic Alternatives Fund (each a “Fund” and collectively, the “Funds”). The investment objective of each of Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, and Symmetry Panoramic Tax-Managed Global Equity Fund is to seek long-term capital appreciation. The investment objective of Symmetry Panoramic US Fixed Income Fund is to seek total return through exposure to US fixed income securities. The investment objective of Symmetry Panoramic Municipal Fixed Income Fund is to provide current income that is exempt from federal personal income tax. The investment objective of Symmetry Panoramic Global Fixed Income Fund is to seek total return through exposure to global fixed income securities. The investment objective of Symmetry Panoramic Alternatives Fund is to seek positive long-term absolute returns. An “absolute return” seeks to earn a positive total return over the long-term, regardless of market conditions or general market direction. The Funds are classified as diversified investment companies. The Symmetry Panoramic Tax-Managed Global Equity Fund, Symmetry Panoramic US Fixed Income Fund, Symmetry Panoramic Municipal Fixed Income Fund, Symmetry Panoramic Global Fixed Income Fund, and Symmetry Panoramic Alternatives Fund are “fund of funds” and offer shareholders the opportunity to invest in certain underlying investment companies, which are separately managed series of the following investment companies: Avantis Funds, SSGA Active ETF Trust, American Century ETF Trust, AQR Funds, Dimensional Fund Advisors LP (DFA), iShares Funds, JPMorgan Asset Management and Vanguard Funds. The Symmetry Panoramic US Equity Fund, Symmetry Panoramic Global Equity Fund and Symmetry Panoramic International Equity Fund also utilize a fund of funds structure by investing in certain underlying investment companies, but also utilize a sub-adviser and invest directly in securities and other instruments issued by operating companies and other issuers. Symmetry Partners, LLC serves as the Funds’ investment adviser (the “Adviser”), and AQR Capital Management LLC provides sub-advisory services to each of the Symmetry Panoramic US Equity Fund, Symmetry Panoramic Global Equity Fund and Symmetry Panoramic International Equity Fund. The Funds currently offer Class I Shares. The Funds commenced operations on November 12, 2018. The assets of each Fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

109

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

2. Significant Accounting Policies:

The following are significant accounting policies, which are consistently followed in the preparation of the financial statements of the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates — The preparation of financial statements in conformity with United States generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the fair value of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are either fair valued or valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm Eastern Standard Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trust’s fair value procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

110

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Securities for which market prices are not readily available are valued in accordance with fair value procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ fair value procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

Futures contracts that are traded on an exchange are valued at their last reported sales price as of the valuation date.

Swaps are marked-to-market daily based upon the outstanding value by contract and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statements of Operations.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates its net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, it may request that a Committee meeting be called.

The Funds use MarkIt Fair Value (“MarkIt”) as a third party fair valuation vendor. MarkIt provides a fair value for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by MarkIt in the event that there is a movement in the U.S. market that exceeds a specific threshold

111

SYMMETRY PANORAMIC TRUST
FEBRUARY 29, 2020
(Unaudited)

established by the Committee. The Committee has established a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds value the non-U.S. securities that exceed the applicable “confidence interval” based upon the fair values provided by MarkIt. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by MarkIt are not reliable, the Adviser contacts SEI Investments Global Funds Services (the “Administrator”) and can request that a meeting of the Committee be held.

If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in that corresponding currency based on the fair value prices provided by MarkIt using the predetermined confidence interval discussed above.

In accordance with U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

●

Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

●

Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.); and

●

Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

Industry classifications are summarized in the Funds’ Schedules of Investments.

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Federal Income Taxes — It is each Fund’s intention to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986 (the “Code”), as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., from commencement of operations, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended February 29, 2020, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended February 29, 2020, the Funds did not incur any significant interest or penalties.

Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date.

Foreign Taxes — The Symmetry Panoramic International Equity Fund, the Symmetry Panoramic Global Equity Fund, the Symmetry Panoramic Tax-Managed Global Equity Fund and the Symmetry Panoramic Global Fixed Income Fund may be subject to foreign withholding or other foreign income taxes with respect to dividends or interest received from (and, in some cases, gains recognized on shares of stock of) non-U.S. companies. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net

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realized gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

Futures Contracts — Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, and Symmetry Panoramic Global Equity Fund all utilized futures contracts during the period ended February 29, 2020. To the extent consistent with its investment objective and strategies, the Funds may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the board of exchange on which they are traded. The futures contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to the Fund’s Schedule of Investments for details regarding open futures contracts as of February 29, 2020.

For the period ended February 29, 2020, the average monthly notional amount of futures contracts held were as follows:

	Symmetry Panoramic US Equity Fund		Symmetry Panoramic International Equity Fund		Symmetry Panoramic Global Equity Fund
Average Monthly Notional Balance Long	$	2,398,368	$	5,168,576	$	5,364,294
Ending Monthly Notional Balance Long		2,707,943		5,134,944		5,629,164

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Swap Contracts — The Funds are authorized to enter into swap agreements, including total return swaps. Swaps are a two-party contract in which the seller (buyer) will pay to the buyer (seller) the difference between the current value of a security and its value at the time the contract was entered.

Total return swap agreements are contracts in which one party agrees to make periodic payments based on the change in market value of underlying assets, which may include a specified security, futures contract, basket of securities or futures contracts, defined portfolios of bonds, loans and mortgages, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security, commodity or market without owning or taking physical custody of such security, commodity or market. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked-to-market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).

Periodic payments made or received are recorded as realized gains or losses. At period end, the Statements of Assets and Liabilities reflect, if any, unrealized appreciation or depreciation and accrued periodic payments for swap contracts the Fund may have open at period end. Entering into swap contracts involves, to varying degrees, elements of credit, interest rate and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions or fluctuations in interest rates. Swap contracts outstanding at period end, if any, are listed on the Schedules of Investments. In connection with swap contracts, cash or securities may be segregated as collateral by the Funds’ custodian.

There is the risk that the counterparty refuses to continue to enter into swap agreements with the Funds in the future, or requires increased fees, which could impair the Funds’ ability to achieve its investment objective. A counterparty may also increase its collateral requirements, which may limit the Funds’ ability to use leverage and reduce investment returns. In addition, if the Funds cannot locate a counterparty willing to enter into transactions with the Funds, it will not be able to implement

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its investment strategy. As of February 29, 2020, Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, and Symmetry Panoramic Tax-Managed Global Equity Fund have swap agreements with one counterparty, ReFlow Fund, LLC (“ReFlow”).

The Funds may participate in a variety of liquidity programs offered by ReFlow. These include the ReFlow Redemption Service and ReFlow NAVswap. The ReFlow Redemption Service provides participating funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed from the fund, subject to certain limitations. Following purchases of fund shares, ReFlow then generally redeems those shares when the fund experiences net sales, at the end of a maximum holding period determined by ReFlow, or at other times at ReFlow’s discretion. In the event a Fund uses the ReFlow Redemption Service, the Fund will pay a fee to ReFlow each time ReFlow purchases Fund shares, calculated by multiplying the value of shares ReFlow purchases by a rate determined through an automated daily auction. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of the Fund.

ReFlow NAVswap is an International Swaps and Derivatives Association governed total return swap in which a fund receives a return that corresponds to the daily change in the reference fund’s net asset value. In return, the fund pays Secured Overnight Financing Rate (SOFR) plus a spread. By participating in the ReFlow programs, a fund may maintain a cash balance to meet redemptions without suffering a significant cash drag. In an environment of declining market values, a fund participating in the ReFlow programs may experience a greater decrease in value than it would if it did not participate in the programs and instead maintained a higher cash balance.

For the period ended February 29, 2020, the monthly average balances of swap contracts held by the Funds was as follows:

	Symmetry Panoramic US Equity Fund		Symmetry Panoramic International Equity Fund		Symmetry Panoramic Global Equity Fund		Symmetry Panoramic Tax-Managed Global Equity Fund
Average Monthly Notional Balance Long	$	5,848,538	$	3,204,115	$	5,773,614	$	845,818
Ending Monthly Notional Balance Long		3,669,818		1,822,708		3,574,749		942,826

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For the period ended February 29, 2020, the Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund, Symmetry Panoramic Global Equity Fund, and Symmetry Panoramic Tax-Managed Global Equity Fund only held equity risk derivatives. Additional information can be found on the Schedule of Investments, Statement of Assets and Liabilities and the Statement of Operations.

Offsetting Assets and Liabilities — The Funds may be subject to various Master Netting Arrangements with various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty.

Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of investments at value (securities) or cash pledged as collateral for futures contracts and swap contracts (cash). The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

For presentation purposes, the Master Netting tables have been omitted.

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income from REITs is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of

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investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Expenses — Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed to a particular Fund are apportioned among the Funds based on the number of Funds and/or relative net assets.

Cash Equivalents — Idle cash and currency balances may be swept into various overnight sweep accounts and is classified as cash on the Statements of Assets and Liabilities. Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

Dividends and Distributions to Shareholders — Income dividends are derived from net investment income (i.e., interest and other income, less any related expenses) a Fund earns from its portfolio securities and other investments. Capital gain distributions are derived from gains realized when a Fund sells a portfolio security. Long-term capital gains are derived from gains realized when a Fund sells a portfolio security it has owned for more than one year, and short-term capital gains are derived from gains realized when a portfolio security was owned for one year or less. Distributions received from underlying funds can be classified as either ordinary income, return of capital, or long-term capital gains.

Dividends from net investment income and distributable net realized capital gains, if any, are declared and distributed annually by the Funds. Dividends from net investment income and distributions from net realized gains are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their Federal tax-basis treatment; and temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of each Fund.

The Symmetry Panoramic US Equity Fund, the Symmetry Panoramic International Equity Fund, the Symmetry Panoramic Global Equity Fund, the Symmetry Panoramic Tax-Managed Global Equity Fund, and the Symmetry Panoramic Alternatives Fund each intend to distribute substantially all of their net investment income and net capital gains, if any, at least annually, or more frequently as determined to be appropriate by the Adviser. The Symmetry Panoramic US Fixed Income Fund, the Symmetry Panoramic Municipal Fixed Income Fund, and the Symmetry Panoramic Global Fixed Income Fund each intend to distribute substantially all of their net investment income and net capital gains, if any, monthly.

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Organization and Offering Costs — Organization costs are expensed as incurred. Offering costs are amortized for a period of twelve months upon commencement of operations of a Fund. Organization and offering costs are subject to recoupment by the Adviser, within twelve months of commencement of operations subject to the Organizational Expense Agreement and Expense Limitation Agreement. The Adviser will reimburse the Funds for any organization and offering costs incurred by the Funds. The Trust incurred offering costs which were amortized to expense over a twelve month period. As of February 29, 2020, the offering costs were fully amortized.

3. Transactions with Affiliates:

Certain officers of the Trust are also employees of the Administrator, a wholly-owned subsidiary of SEI Investments Company, SEI Investments Distribution Co. (the “Distributor”) and/or Atlantic Consulting Services, LLC (now part of the Apex Group Ltd.) (“Atlantic Consulting”). Such officers are paid no fees directly by the Trust for serving as officers of the Trust.

The services provided by the Chief Compliance Officer (“CCO”) and the CCO’s staff, who are employees of Atlantic Consulting are paid for by the Trust as incurred pursuant to a Compliance Services Agreement between the Trust and Atlantic Fund Services. The services include regulatory oversight of the Trust’s Adviser and other service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

4. Administration, Distribution, Shareholder Servicing, Custodian and Transfer Agent Agreements:

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the Funds. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the period ended February 29, 2020, the Funds were charged as follows for these services:

Fund	Administration Fee
Symmetry Panoramic US Equity Fund	$	97,304
Symmetry Panoramic International Equity Fund		51,784
Symmetry Panoramic Global Equity Fund		97,687
Symmetry Panoramic Tax-Managed Global Equity Fund		7,278
Symmetry Panoramic US Fixed Income Fund		38,967
Symmetry Panoramic Municipal Fixed Income Fund		2,362
Symmetry Panoramic Global Fixed Income Fund		67,880
Symmetry Panoramic Alternatives Fund		169

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The Distributor serves as each Fund’s Distributor pursuant to a Distribution Agreement with the Trust.

The Bank of New York Mellon acts as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

Atlantic Fund Services, LLC (now part of the Apex Group) serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust.

5. Investment Advisory Agreement:

The Adviser has entered into an investment advisory agreement with each Fund. For its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at an annual rate disclosed below based on the average daily net assets of each of the Funds. Subject to general oversight by the Board of Trustees, the Adviser manages and supervises the investment operations and business affairs of the Funds. The Adviser may select, contract with and compensate one or more sub-advisers to manage all or a portion of a Fund’s portfolio assets, subject to oversight by the Adviser. In this role, the Adviser has supervisory responsibility for managing the investment and reinvestment of each Fund’s portfolio assets through proactive oversight and monitoring of each sub-adviser and the Fund, as described in further detail below. The Adviser is responsible for developing overall investment strategies for the Funds and overseeing and implementing each Fund’s continuous investment programs and provides a variety of advisory oversight and investment research services. The Adviser also provides management and transition services associated with certain fund events (e.g., strategy, portfolio manager or sub-adviser changes) and coordinates and oversees services provided under other agreements. The Adviser has ultimate responsibility to oversee a sub-adviser and recommend to the Board of Trustees its hiring, termination, and replacement. In this capacity, the Adviser, among other things: (i) monitors on a daily basis the compliance of the sub-adviser with the investment objectives and related policies of the Fund; (ii) monitors significant changes that may impact the sub-adviser’s overall business and regularly performs due diligence reviews of the sub-adviser; (iii) reviews the performance of the sub-adviser; and (iv) reports periodically on such performance to the Board of Trustees. The Adviser employs a team of investment professionals who provide these ongoing research and monitoring services.

In addition to investment advisory fees, each Fund pays other expenses including costs incurred in connection with the maintenance of its securities law registration, printing and mailing prospectuses and statements of additional information to shareholders, certain financial accounting services, taxes or governmental fees, custodial, transfer and shareholder servicing agent costs, expenses of outside counsel and independent accountants, preparation of shareholder reports and expenses of trustee and shareholders meetings.

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The Adviser has agreed to limit each Fund’s current Operating Expenses to an annual rate, expressed as a percentage of the Fund’s average daily net assets for the month, to the amounts listed in the below table until at least December 31, 2020 (the “Expense Limitation”). For purposes of the Expense Limitation, the term “Operating Expenses” with respect to the Funds is defined to include all expenses necessary or appropriate for the operation of a Fund and including the Adviser’s investment advisory or management fee detailed in the advisory agreement, any Rule 12b-l fees and/or shareholder services fees and other expenses described in the advisory agreement, but does not include: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) borrowing costs (such as interest and dividend expense on securities sold short); (v) taxes; and (vi) extraordinary expenses, such as litigation expenses (which may include indemnification of a Fund’s officers and Trustees, and contractual indemnification of an affected Fund’s service providers (other than the Adviser)).

	Advisory Fee Before Expense Limitation	Expense Limitation
Symmetry Panoramic US Equity Fund	0.55%	0.48%
Symmetry Panoramic International Equity Fund	0.70%	0.65%
Symmetry Panoramic Global Equity Fund	0.63%	0.52%
Symmetry Panoramic Tax-Managed Global Equity Fund	0.65%	0.42%
Symmetry Panoramic US Fixed Income Fund	0.45%	0.41%
Symmetry Panoramic Municipal Fixed Income Fund	0.47%	0.41%
Symmetry Panoramic Global Fixed Income Fund	0.52%	0.43%
Symmetry Panoramic Alternatives Fund	1.29%	0.50%

The Adviser also has contractually agreed to waive its management fee for each of the Funds until at least December 31, 2020 (“Fee Waiver”) so that the aggregate management fee retained by the Adviser with respect to each of the Funds after payment of sub-advisory fees does not exceed the following:

Symmetry Panoramic US Equity Fund	0.25%
Symmetry Panoramic International Equity Fund	0.25%
Symmetry Panoramic Global Equity Fund	0.25%
Symmetry Panoramic Tax-Managed Global Equity Fund	0.26%
Symmetry Panoramic US Fixed Income Fund	0.25%
Symmetry Panoramic Municipal Fixed Income Fund	0.25%
Symmetry Panoramic Global Fixed Income Fund	0.25%
Symmetry Panoramic Alternatives Fund	0.30%

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The Adviser may recover all or a portion of the Expense Limitation within a three-year rolling period from the year in which it reduced its fee or reimbursed expenses if a Fund’s total annual operating expenses are below the Expense Limitation that was in place at the time of such fee reductions or expense reimbursements. The Expense Limitation and Fee Waiver agreements may be terminated by the Board of Trustees without penalty on 60 days’ written notice to the Adviser. The Expense Limitation and Fee Waiver agreements shall terminate automatically in the event of assignment of the investment advisory agreement.

As of February 29, 2020, the following amounts of waivers/reimbursements subject to recoupment (expiring in 2023):

Symmetry Panoramic US Equity Fund	$	163,706
Symmetry Panoramic International Equity Fund		40,992
Symmetry Panoramic Global Equity Fund		213,043
Symmetry Panoramic Tax-Managed Global Equity Fund		48,847
Symmetry Panoramic US Fixed Income Fund		92,654
Symmetry Panoramic Municipal Fixed Income Fund		47,562
Symmetry Panoramic Global Fixed Income Fund		97,012
Symmetry Panoramic Alternatives Fund		47,446

The Adviser has engaged AQR Capital Management, LLC (“AQR”), to provide sub-advisory services to each of the Symmetry Panoramic US Equity Fund, Symmetry Panoramic International Equity Fund and Symmetry Panoramic Global Equity Fund (together, the “Sub-Advised Funds”). The Adviser pays AQR a portion of its fee, calculated daily and paid monthly. The Sub-Advised Funds are not responsible for the payment of the sub-advisory fees.

A Trustee and certain Officers are also employees/officers of the Adviser.

6. Investment Transactions:

The cost of security purchases and the proceeds from security sales other than short-term securities, for the period ended February 29, 2020, were as follows:

	Purchases		Sales and Maturities
Symmetry Panoramic US Equity Fund	$	115,478,576	$	95,219,214
Symmetry Panoramic International Equity Fund		70,316,979		51,256,828
Symmetry Panoramic Global Equity Fund		118,751,721		98,122,697
Symmetry Panoramic Tax-Managed Global Equity Fund		23,804,470		—
Symmetry Panoramic US Fixed Income Fund		54,901,164		10,961,829

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	Purchases		Sales and Maturities
Symmetry Panoramic Municipal Fixed Income Fund	$	9,916,538	$	53,015
Symmetry Panoramic Global Fixed Income Fund		49,994,681		10,518,957
Symmetry Panoramic Alternatives Fund		46,823		42,608

7. Federal Tax Information:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to paid-in capital or distributable earnings, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions declared during the fiscal year was as follows:

		Ordinary Income		Long-Term Capital Gain		Total
Symmetry Panoramic US Equity Fund	2019	$	1,675,473	$	—	$	1,675,473
Symmetry Panoramic International Equity Fund	2019		2,183,388		—		2,183,388
Symmetry Panoramic Global Equity Fund	2019		2,660,497		—		2,660,497
Symmetry Panoramic Tax-Managed Global Equity Fund	2019		3,296		—		3,296
Symmetry Panoramic US Fixed Income Fund	2019		2,976,279		—		2,976,279
Symmetry Panoramic Municipal Fixed Income Fund	2019		38,139		—		38,139
Symmetry Panoramic Global Fixed Income Fund	2019		6,777,449		—		6,777,449
Symmetry Panoramic Alternatives Fund	2019		2,291		—		2,291

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As of August 31, 2019, the components of Distributable Earnings on a tax basis were as follows:

	Symmetry Panoramic US Equity Fund		Symmetry Panoramic International Equity Fund			Symmetry Panoramic Global Equity Fund		Symmetry Panoramic Tax-Managed Global Equity Fund
Undistributed Ordinary Income	$	3,028,973	$	3,334,704		$	4,526,826	$	103,358
Undistributed Long-Term Capital Gain		3,359,648		—			869,088		—
Post-October Losses		—		—			—		—
Late-Year Loss Deferral		—		—			—		—
Capital Loss Carryforwards		—		(1,692,583	)		—		(24,681	)
Unrealized Appreciation		31,930,427		2,940,199			21,491,397		519,638
Other Temporary Differences		—		—			—		—
Total Distributable Earnings	$	38,319,048	$	4,582,320		$	26,887,311	$	598,315

	Symmetry Panoramic US Fixed Income Fund		Symmetry Panoramic Municipal Fixed Income Fund			Symmetry Panoramic Global Fixed Income Fund		Symmetry Panoramic Alternatives Fund
Undistributed Ordinary Income	$	147,661	$	323		$	500,942	$	—
Post-October Losses		—		—			—		(1,451	)
Late-Year Loss Deferral		—		—			—		(1,328	)
Capital Loss Carryforwards		—		(70	)		—		—
Unrealized Appreciation		10,040,865		81,140			24,484,955		21,492
Other Temporary Differences		—		—			—		—
Total Distributable Earnings	$	10,188,526	$	81,393		$	24,985,897	$	18,713

Post-October losses represent losses realized on investment transactions from November 1, 2018 through August 31, 2019, that, in accordance with Federal income tax regulations, the Funds elect to defer and treat as having arisen in the following fiscal year.

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Deferred late-year losses represent ordinary losses realized on investment transactions from January 1, 2019 through August 31, 2019 and specified losses realized on investment transactions from November 1, 2018 through August 31, 2019. The Symmetry Panoramic Alternatives Fund elects to defer the Post-October loss of $1,451 and the late-year loss of $1,328 and treat each as having arisen in the following fiscal year.

For Federal income tax purposes, capital loss carryforwards may be carried forward indefinitely and applied against all future capital gains. Losses carried forward are as follows:

	Short-Term Loss		Long-Term Loss		Total
Symmetry Panoramic US Equity Fund	$	—	$	—	$	—
Symmetry Panoramic International Equity Fund		1,692,583		—		1,692,583
Symmetry Panoramic Global Equity Fund		—		—		—
Symmetry Panoramic Tax-Managed Global Equity Fund		24,681		—		24,681
Symmetry Panoramic US Fixed Income Fund		—		—		—
Symmetry Panoramic Municipal Fixed Income Fund		70		—		70
Symmetry Panoramic Global Fixed Income Fund		—		—		—
Symmetry Panoramic Alternatives Fund		—		—		—

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Funds at February 29, 2020, were as follows:

	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Symmetry Panoramic US Equity Fund	$	498,668,653	$	19,661,826	$	(17,160,673	)	$	2,501,153
Symmetry Panoramic International Equity Fund		279,775,120		5,983,313		(12,359,514	)		(6,376,201	)
Symmetry Panoramic Global Equity Fund		508,540,270		16,580,362		(18,844,177	)		(2,263,815	)
Symmetry Panoramic Tax-Managed Global Equity Fund		51,105,502		4,897		(2,208,373	)		(2,203,476	)
Symmetry Panoramic US Fixed Income Fund		234,769,222		13,841,440		—			13,841,440
Symmetry Panoramic Municipal Fixed Income Fund		18,680,798		149,990		—			149,990

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	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Symmetry Panoramic Global Fixed Income Fund	$	380,472,093	$	25,267,844	$	(111,635	)	$	25,156,209
Symmetry Panoramic Alternatives Fund		950,307		11,007		(35,858	)		(24,851	)

8. Concentration of Risks:

As with all mutual funds, there is no guarantee that any of the Funds will achieve the Fund’s investment objective. You could lose money by investing in the Funds. A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (the “FDIC”) or any other government agency. The principal risk factors affecting shareholder investments in the Funds are described below.

Please note that each of the Funds primarily will invest in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”), or directly in securities or other instruments. Therefore, the risks described below for each Fund are in reference to either the Underlying Funds, direct purchases of the Funds, or both unless otherwise noted.

The table below and the paragraphs that follow show additional information about the principal (marked with an “✔”) and certain non-principal (marked with an “●”) investment strategies and techniques that a Fund may employ in pursuing the Fund’s investment objective and related risks.

✔ = principal

● = non-principal

	US Equity	International Equity	Global Equity	Tax- Managed Global Equity	US Fixed Income	Municipal Fixed Income	Global Fixed Income	Alternatives
Investing in Underlying Funds	✔	✔	✔	✔	✔	✔	✔	✔
Investments of Underlying Funds	✔	✔	✔	✔	✔	✔	✔	✔
Arbitrage Risk								✔
Asset Allocation Risk	✔	✔	✔	✔	✔	✔	✔	✔
Borrowing Risk	●	●	●	●	●	●	●	●
Cash Management Strategies	●	●	●	●	●	●	●	●

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	US Equity	International Equity	Global Equity	Tax- Managed Global Equity	US Fixed Income	Municipal Fixed Income	Global Fixed Income	Alternatives
China A-Shares and China Stock Connect Risk		●	●	●
Commodities Risk								✔
Convertible Securities Risk								✔
Credit Default Swaps Risk								✔
Currency Risk		✔	✔	✔			✔	✔
Cybersecurity Risk	✔	✔	✔	✔	✔	✔	✔	✔
Derivatives Risk	✔	✔	✔	✔	✔	✔	✔	✔
Distressed Investments Risk								✔
Emerging Markets Risk		✔	✔	✔			●	✔
Equity Risk	✔	✔	✔	✔				✔
Exchange-Traded Notes Risk								●
Financial Sector Risk	✔	✔	✔	✔
Fixed Income Securities					✔	✔	✔	✔
Foreign (Non-U.S.) Investment Risk		✔	✔	✔			✔	✔
Forward and Futures Contract Risk		✔	✔	✔			✔	✔
Futures Contract Risk	✔
Geographic and Sector Risk	✔	✔	✔	✔	✔	✔	✔	✔
High Portfolio Turnover Risk	✔	✔	✔	✔	✔	✔	✔	✔
High Yield Risk					✔	✔	✔	✔
Index Tracking Error Risk	✔	✔	✔	✔	✔	✔	✔
Investment Companies and ETFs Risk	✔	✔	✔	✔	✔	✔	✔	✔
Investment Style Risk	✔	✔	✔	✔				✔

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	US Equity	International Equity	Global Equity	Tax- Managed Global Equity	US Fixed Income	Municipal Fixed Income	Global Fixed Income	Alternatives
IPO and SEO Risk								✔
Leveraging Risk	●	●	●	●	●	●	●	✔
Litigation and Enforcement Risk								✔
Liquidity Risk	✔	✔	✔	✔	✔	✔	✔	✔
Management Risk	✔	✔	✔	✔	✔	✔	✔	✔
Market Capitalization Risk	✔	✔	✔	✔				✔
Market Events Risk	✔	✔	✔	✔	✔	✔	✔	✔
Market Risk	✔	✔	✔	✔	✔	✔	✔	✔
Money Market Instrument Risk					●	●	●
Municipal Bond Risk						✔		●
ReFlow Liquidity Program	●	●	●	●	●	●	●	●
REIT Risk	✔	✔	✔	●
Restricted Securities								✔
Securities Issued in PIPE Transactions								✔
Securities Lending Risk	✔	✔	✔	✔
Short Sales Risk								✔
Small Fund Risk						✔		✔
SPACs Risk								✔
Subsidiary Risk								●
Swap Risk	●	●	●	●	●	●	●	✔
Taxability Risk						✔
Tax Risk								✔
Tax-Managed Investing Risk				✔
Temporary Defensive Positioning	●	●	●	●	●	●	●	●
U.S. Government Securities Risk	●	●	●	●	✔	✔	✔	✔
Valuation Risk	✔	✔	✔	✔	✔	✔	✔	✔
Volatility Risk	✔	✔	✔	✔				✔

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General Risks of Investing in Underlying Funds — Because each Fund invests in Underlying Funds that invest directly in securities and other instruments, the Fund’s shareholders will be affected by the investment policies of the Underlying Funds in direct proportion to the amount of assets the Fund allocates to those Underlying Funds. Certain of the Funds also may invest in Underlying Funds that in turn invest in foreign issuers and thus are subject to additional risks, including changes in foreign currency exchange rates and country risk. Foreign investments of the Underlying Funds may include securities of issuers located in emerging countries in Asia, Latin America, Eastern Europe and Africa. The Funds also may invest in Underlying Funds that invest in mid-, small-, and micro-capitalization stocks, which may be riskier than investing in larger, more established companies.

A Fund’s investment in Underlying Funds that invest in fixed-income securities will be subject to, among other things, credit (or default) risk and interest rate/maturity risk. Credit (or default) risk is the risk that an issuer or guarantor of a security or a counterparty to a transaction may default on its payment obligations or experience a decline in credit quality. Interest rate/maturity risk is the risk that increases in prevailing interest rates will cause fixed-income securities held by the Fund to decline in value. The magnitude of this decline will often be greater for longer-term fixed-income securities than shorter-term fixed-income securities.

The Underlying Funds will also be subject to prepayment (or call) risk (the risk that an issuer will exercise its right to pay principal on an obligation held by a Fund earlier than expected) and debt extension risk (the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund later than expected).

The Funds may invest in Underlying Funds that invest in asset-backed and structured investment securities, which may involve a greater chance of default during periods of economic downturn than other securities, and may be less liquid and more difficult to value and liquidate. Underlying Funds may also invest in real estate securities, commodity-related securities and money market investments.

The risks described below for each Fund are in reference to either the Underlying Funds, direct purchases of the Funds, or both unless otherwise noted.

Arbitrage Risk — The risk incurred when a Fund invests in securities purchased pursuant to an arbitrage strategy in order to take advantage of a perceived relationship between the value of two securities presents certain risks. Securities purchased or sold short pursuant to an arbitrage strategy may not perform as intended, which may result in a loss to the Fund. Additionally, issuers of a security purchased pursuant to an arbitrage strategy are often engaged in significant corporate events, such as restructurings, acquisitions, mergers, takeovers, tender offers or exchanges, or liquidations. Such corporate events may not be completed as initially planned or may fail.

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Asset Allocation Risk — The risk that the selection by the Adviser of the Underlying Funds and the allocation of the Fund’s assets among the Underlying Funds and the Sub-Adviser will cause a Fund to underperform other funds with similar investment objectives. In this regard, a Fund also may temporarily deviate from its factor exposures for the purpose of managing distributions. In addition, the Adviser may invest Fund assets in Underlying Funds managed by a limited number of investment managers. In such circumstances, a Fund’s performance could be substantially dependent on the performance of such managers. Similarly, the Adviser’s allocation of a Fund’s assets to a limited number of Underlying Funds may adversely affect the performance of the Fund, and, in such circumstances, it will be more sensitive to the performance and risks associated with those Underlying Funds and any investments in which such Underlying Funds focus.

Borrowing Risk — While the Funds do not anticipate doing so, other than for cash management, the Funds may borrow money for investment purposes. Borrowing for investment purposes is one form of leverage. Leveraging investments, by purchasing securities with borrowed money, is a speculative technique that increases investment risk, but also increases investment opportunity. Because substantially all of a Fund’s assets will fluctuate in value, whereas the interest obligations on borrowings may be fixed, the net asset value per share of the Fund will increase more when the Fund’s portfolio assets increase in value and decrease more when the Fund’s portfolio assets decrease in value than would otherwise be the case. Moreover, interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the returns on the borrowed funds. Under adverse conditions, a Fund might have to sell portfolio securities to meet interest or principal payments at a time when investment considerations would not favor such sales. The Funds may use leverage during periods when the Adviser believes that a Fund’s investment objective would be furthered.

Cash Management Strategies — Although the Funds will generally invest substantially all of their assets in accordance with their respective investment objectives and principal investment strategies, each Fund may, at times, hold a substantial amount of its assets in cash or short-term cash equivalents, such as money market instruments, money market funds or repurchase agreements, in order to satisfy redemptions or on a temporary basis while the portfolio managers look for suitable investment opportunities. The percentage of a Fund’s assets invested in cash and short-term cash equivalents may vary and will depend on various factors, including market conditions and purchases and redemptions of Fund shares. Substantial holdings in cash or cash equivalents could reduce the magnitude of losses incurred by the Fund during periods of falling markets or cause the Fund to miss investment opportunities during periods of rising markets. The Fund’s investments in short-term cash equivalents, such as money market instruments, may be subject to credit and counterparty risk (the risk that an issuer or counterparty will default or become less creditworthy) and interest rate risk (the risk that the value of an investment in an income-producing security will decrease as interest rates rise). To the extent permitted by its principal investment strategies and investment policies, a Fund may acquire shares of exchange-traded funds or invest in index futures contracts based on a relevant market index in an effort to maintain exposure to the market, or engage in swap agreements,

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but a Fund’s efforts to maintain market exposure in this manner may not be successful. If you are concerned about the volatility of your investment in a Fund, you may wish to consult your financial intermediary and consider whether a lower risk exposure is more appropriate for your investment portfolio.

China A-Shares and China Stock Connect Risk — The Funds with international exposures may invest in eligible renminbi-denominated shares of mainland China-based companies that trade on Chinese stock markets such as the Shanghai Stock Exchange and the Shenzen Stock Exchange (referred to as “China A-Shares”) through the Shanghai and Shenzen–Hong Kong Stock Connect Programs (“Stock Connect” or “Stock Connect Programs”). Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a Qualified Foreign Institutional Investor (QFII) or a Renminbi QFII (RQFII) and through the Stock Connect Programs. A fund’s ownership of China A-Shares will be reflected on its custodian’s records but the fund itself will have only beneficial rights in such China A-Shares. The precise nature and rights of a fund as a beneficial owner of China A-Shares in this context is not well defined and may expose a fund to the credit risk of its custodian or to greater risk of expropriation. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. These risks could cause volatility in the price of a Fund and could adversely affect the Fund.

Commodities Risk — Exposure to commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, and agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies.

The energy sector can be significantly affected by changes in the prices and supplies of oil and other energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations, policies of the Organization of Petroleum Exporting Countries (“OPEC”) and relationships among OPEC members and between OPEC and oil importing nations. The metals sector can be affected by sharp price volatility over short periods caused by global economic, financial and political factors, resource availability, government regulation, economic cycles, changes in inflation or expectations about inflation in various countries, interest rates, currency fluctuations, metal sales by governments, central banks or international agencies, investment speculation and fluctuations in industrial and commercial supply and demand. The commodity-linked securities in which the Fund may invest may be issued by companies in the financial

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services sector, including the banking, brokerage and insurance sectors. As a result, events affecting issuers in the financial services sector may cause the Fund’s share value to fluctuate.

Convertible Securities — Convertible securities include fixed income securities that may be exchanged or converted into a predetermined number of shares of the issuer’s underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of “usable” bonds and warrants or a combination of the features of several of these securities. Convertible securities are senior to common stocks in an issuer’s capital structure, but are usually subordinated to similar non-convertible securities. While providing a fixed-income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar nonconvertible security), a convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security’s underlying common stock.

Credit Default Swaps Risk — A credit default swap enables an investor to buy or sell protection against a credit event with respect to an issuer. Credit default swaps may have as reference obligations one or more securities that are not currently held by the Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided generally that no credit event on a reference obligation has occurred. Credit default swaps involve risks because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).

Currency Risk — The risk for Funds with international exposures that foreign currencies will increase in value relative to the U.S. dollar and adversely affect the dollar value of the Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. Currency risk may be particularly high to the extent that the Fund invests in foreign (non-U.S.) currencies or engages in foreign currency transactions that are economically tied to emerging market countries. Conversely, in strategies where currency risk is hedged, the risk is that a decline in the value of the local currency relative to the U.S. dollar will not be earned by the Fund investor.

Cybersecurity Risk — With the increased use of the Internet and because information technology systems and digital data underlie most of the Fund’s operations, the Fund and its Adviser, any Sub-Advisers, custodian, transfer agent, distributor and other service providers and the financial intermediaries (collectively “Service Providers”) are exposed to the risk that their operations and data may be compromised as a result of internal and external cyber-failures, breaches or attacks. This could occur as a result of malicious or criminal cyber-attacks. Cyber-attacks include actions taken to: (i) steal or corrupt data

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maintained online or digitally, (ii) gain unauthorized access to or release confidential information, (iii) shut down the Fund or Service Provider website through denial-of-service attacks, or (iv) otherwise disrupt normal business operations. However, events arising from human error, faulty or inadequately implemented policies and procedures or other systems failures unrelated to any external cyber-threat may have effects similar to those caused by deliberate cyber-attacks.

Derivatives Risk — The Fund may invest in derivatives, which are financial instruments whose value is typically based on the value of a security, commodity or index, in order to better track the Index. These instruments include options, futures contracts, swap agreements, including total return swap agreements, and similar instruments. The Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments, and certain derivatives may create a risk of loss greater than the amount invested.

The market value of derivative instruments and securities may be more volatile than that of other instruments, and each type of derivative instrument may have its own special risks, including the risk of mispricing or improper valuation of derivatives and the inability of derivatives to correlate perfectly with underlying assets, rates, and indices. Many derivatives, in particular privately negotiated derivatives, are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to the Fund. The value of derivatives may not correlate perfectly, or at all, with the value of the assets, reference rates or indices they are designed to closely track.

Derivatives are subject to a number of other risks, including liquidity risk (the possibility that the derivative may be difficult to purchase or sell and the Adviser may be unable to initiate a transaction or liquidate a position at an advantageous time or price), leverage risk (the possibility that adverse changes in the value or level of the underlying asset, reference rate or index can result in loss of an amount substantially greater than the amount invested in the derivative), interest rate risk (some derivatives are more sensitive to interest rate changes and market price fluctuations), and counterparty risk (the risk that a counterparty may be unable to perform according to a contract, and that any deterioration in a counterparty’s creditworthiness could adversely affect the instrument). In addition, because derivative products are highly specialized, investment techniques and risk analyses employed with respect to investments in derivatives are different from those associated with stocks and bonds. Finally, the Fund’s use of derivatives may cause the Fund to realize higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.

Derivative instruments are also subject to the risk that the market value of an instrument will change to the detriment of the Fund. If the Adviser inaccurately forecast the values of securities, interest rates or other economic factors in using derivatives, the Fund might have been in a better position if it had not entered into the transaction at all. Some strategies involving derivative instruments can reduce the risk of loss, but they can also

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reduce the opportunity for gain or result in losses by offsetting favorable price movements in other investments held by the Fund. The Fund may also have to buy or sell a security at a disadvantageous time or price because regulations require funds to maintain offsetting positions or asset coverage in connection with certain derivatives transactions.

If the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below what the Fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

Distressed Investments Risk — Distressed investments include loans, loan participations, bonds, notes, and non-performing and sub-performing mortgage loans, many of which are not publicly traded and may involve a substantial degree of risk. In certain periods, there may be little or no liquidity in the markets for these securities or instruments. In addition, the prices of such securities or instruments may be subject to periods of abrupt and erratic market movements and above-average price volatility. It may be more difficult to value such securities, and the spread between the bid and asked prices of such securities may be greater than normally expected. If the Fund’s evaluation of the risks and anticipated outcome of an investment in a distressed security should prove incorrect, the Fund may lose a substantial portion or all of its investment or it may be required to accept cash or securities with a value less than the original investment.

Emerging Markets Risk — A Fund with international exposure’s investments in emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets. These risks include less social, political and economic stability; smaller securities markets with low or nonexistent trading volume and greater illiquidity and price volatility; more restrictive national policies on foreign investment, including restrictions on investment in issuers or industries deemed sensitive to national interests; less transparent and established taxation policies; less developed regulatory or legal structures governing private and foreign investment; more pervasiveness of corruption and crime; less financial sophistication, creditworthiness and/or resources possessed by, and less government regulation of, the financial institutions and issuers with which the Fund transacts; less government supervision and regulation of business and industry practices, stock exchanges, brokers and listed companies than in the U.S.; greater concentration in a few industries resulting in greater vulnerability to regional and global trade conditions; higher rates of inflation and more rapid and extreme fluctuations in inflation rates; greater sensitivity to interest rate changes; increased volatility in currency exchange rates and potential for currency devaluations and/or currency controls; greater debt burdens relative to the size of the economy; more delays in settling portfolio transactions and heightened risk of loss from share registration and

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custody practices; and less assurance that recent favorable economic developments will not be slowed or reversed by unanticipated economic, political or social events in such countries.

Because of these risk factors, the Fund’s investments in developing market countries are subject to greater price volatility and illiquidity than investments in developed markets. Governments of emerging market and frontier market countries may own or control parts of the private sector. Accordingly, government actions could have a significant impact on economic conditions. Certain emerging market and frontier market countries require governmental approval prior to investments by foreign persons, limit the amount of investment by foreign persons in a particular sector and/or company, limit the investment by foreign persons to a specific class of securities of an issuer that may have less advantageous rights than a domestically available class, require foreign investors to maintain a trading account with only one licensed securities company in the relevant market and/or impose additional taxes on foreign investors. These may contribute to the illiquidity of the relevant securities market, as well as create inflexibility and uncertainty as to the trading environment.

Equity Risk — For Funds that invest in equity securities, such securities are susceptible to general market fluctuations and volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

Exchange-Traded Notes Risk — Exchange-traded notes are subject to credit risk, counterparty risk, and the risk that the value of the exchange-traded note may drop due to a downgrade in the issuer’s credit rating. The value of an exchange-traded note may also be influenced by time to maturity, level of supply and demand for the exchange-traded note, volatility and lack of liquidity in the underlying market, changes in the applicable interest rates, and economic, legal, political, or geographic events that affect the referenced underlying market or assets. The Fund will bear its proportionate share of any fees and expenses borne by an exchange-traded note in which it invests. For certain exchange-traded notes, there may be restrictions on a Fund’s right to redeem its investment in an exchange-traded note, which is meant to be held until maturity.

Financial Sector Risk — The financial sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and the impact of more stringent capital requirements. The Fund may be adversely affected by events or developments negatively impacting the financial sector.

Fixed Income Securities Risk — Fixed income securities held by the Fund are subject to interest rate risk, call risk, prepayment and extension risk, credit risk, and liquidity risk, which are more fully described below. In addition, current market conditions may pose heightened risks for fixed income securities. Current interest rates are at or near historic lows, and as the Federal Reserve Board has begun tapering its quantitative easing program and in December of 2015 began raising the federal funds rate, there is a risk that interest rates will rise. Future increases in interest rates could result in less liquidity and greater

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volatility of fixed income securities. The Fund may lose money if short-term or long-term interest rates rise sharply. Moreover, new regulations applicable to and changing business practices of financial intermediaries restricting their market marking activities for certain fixed income securities, which may reduce the liquidity and increase the volatility for such fixed income securities.

●

Call Risk. During periods of declining interest rates, a bond issuer may “call,” or repay, its high yielding bonds before their maturity dates. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in its income.

●

Credit Risk. Fixed income securities are generally subject to the risk that the issuer may be unable to make principal and interest payments when they are due. There is also the risk that the securities could lose value because of a loss of confidence in the ability of the borrower to pay back debt. Lower rated fixed income securities involve greater credit risk, including the possibility of default or bankruptcy.

●

Interest Rate Risk. Fixed income securities are subject to the risk that the securities could lose value because of interest rate changes. For example, bonds tend to decrease in value if interest rates rise. Fixed income securities with longer maturities sometimes offer higher yields, but are subject to greater price shifts as a result of interest rate changes than fixed income securities with shorter maturities.

●

Liquidity Risk. Trading opportunities are more limited for fixed income securities that have not received any credit ratings, have received ratings below investment grade or are not widely held. These features make it more difficult to sell or buy a security at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on its performance. Infrequent trading of securities may also lead to an increase in their price volatility. Liquidity risk also refers to the possibility that the Fund may not be able to sell a security or close out an investment contract when it wants to. If this happens, the Fund will be required to hold the security or keep the position open, and it could incur losses.

●

Prepayment and Extension Risk. Many types of fixed income securities are subject to prepayment risk. Prepayment occurs when the issuer of a fixed income security can repay principal prior to the security’s maturity. Fixed income securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment. In addition, the potential impact of prepayment features on the price of a fixed income security can be difficult to predict and result in greater volatility. On the other hand, rising interest rates could cause prepayments of the obligations to decrease, extending the life of mortgage- and

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asset-backed securities with lower payment rates. This is known as extension risk and may increase the Fund’s sensitivity to rising rates and its potential for price declines.

●

Variable and Floating Rate Securities. Variable and floating rate securities generally are less sensitive to interest changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Floating rate securities will not generally increase in value if interest rates decline.

Foreign (Non-U.S.) Investment Risk — For Funds with international exposures, foreign securities include direct investments in non-U.S. dollar-denominated securities traded primarily outside of the United States and dollar-denominated securities of foreign issuers. Foreign securities also include indirect investments such as American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”). ADRs are U.S. dollar-denominated receipts representing shares of foreign-based corporations. ADRs are receipts that are traded in the United States, and entitle the holder to all dividend and capital gain distributions that are paid out on the underlying foreign shares. EDRs and GDRs are receipts that often trade on foreign exchanges. They represent ownership in an underlying foreign or U.S. security and generally are denominated in a foreign currency. Foreign government obligations may include debt obligations of supranational entities, including international organizations (such as The International Bank for Reconstruction and Development, also known as the World Bank) and international banking institutions and related government agencies.

Special Risks of Foreign Securities — Foreign securities involve special risks and costs, which are considered by the investment adviser in evaluating the creditworthiness of issuers and making investment decisions for the Fund. Foreign securities fluctuate in price because of political, financial, social and economic events in foreign countries (including, for example, military confrontations, war and terrorism). A foreign security could also lose value because of more or less stringent foreign securities regulations and less stringent accounting and disclosure standards. In addition, foreign markets may have greater volatility than domestic markets and foreign securities may be less liquid and harder to value than domestic securities.

Foreign securities, and in particular foreign debt securities, are sensitive to changes in interest rates. In addition, investment in the securities of foreign governments involves the risk that foreign governments may default on their obligations or may otherwise not respect the integrity of their obligations. The performance of investments in securities denominated in a foreign currency also will depend, in part, on the strength of the foreign currency against the U.S. dollar and the interest rate environment in the country issuing the currency. Absent other events which otherwise could affect the value of a foreign security (such as a change in the political climate or an issuer’s credit quality), appreciation in the value of the foreign currency generally results in an increase in value of a foreign currency-denominated security in terms of U.S. dollars. A decline in the value of the foreign currency relative to the U.S. dollar generally results in a decrease in value

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of a foreign currency-denominated security. Additionally, many countries throughout the world are dependent on a healthy U.S. economy and are adversely affected when the U.S. economy weakens or its markets decline.

Investment in foreign securities may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition of additional taxes by foreign governments. Foreign investments also may involve risks associated with the level of currency exchange rates, less complete financial information about the issuers, less market liquidity, more market volatility and political instability. Future political and economic developments, the possible imposition of withholding taxes on dividend income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange controls or freezes on the convertibility of currency, trade restrictions (including tariffs) or the adoption of other governmental restrictions might adversely affect an investment in foreign securities. Additionally, foreign banks and foreign branches of domestic banks may be subject to less stringent reserve requirements and to different accounting, auditing and recordkeeping requirements.

While the Funds’ investments may, if permitted, be denominated in foreign currencies, the portfolio securities and other assets held by the Funds are valued in U.S. dollars. Price fluctuations may occur in the dollar value of foreign securities because of changing currency exchange rates or, in the case of hedged positions, because the U.S. dollar declines in value relative to the currency hedged. Currency exchange rates may fluctuate significantly over short periods of time causing a Fund’s NAV to fluctuate as well. Currency exchange rates can be affected unpredictably by the intervention or the failure to intervene by U.S. or foreign governments or central banks, or by currency controls or political developments in the United States or abroad. To the extent that a Fund is invested in foreign securities while also maintaining currency positions, it may be exposed to greater combined risk. The net currency positions of the Funds may expose them to risks independent of their securities positions.

The Funds may operate in euros and/or may hold euros and/or euro-denominated bonds and other obligations. The euro requires participation of multiple sovereign states forming the Euro zone and is therefore sensitive to the credit and general economic and political positions of each such state, including, each state’s actual and intended ongoing engagement with and/or support for the other sovereign states then forming the European Union (“EU”), in particular those within the Euro zone. Changes in these factors might materially and adversely impact the value of securities in which a Fund has invested.

In addition, voters in the United Kingdom (“UK”) have approved withdrawal from the European Union. Securities issued by companies domiciled in the UK could be subject to changing regulatory and tax regimes. Banking and financial services companies that operate in the UK or EU could be disproportionately impacted by those actions. Other countries may seek to withdraw from the EU and/or abandon the euro, the common currency of the EU, which could exacerbate market and currency volatility and negatively impact the Funds’ investments in securities issued by companies located in EU countries.

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A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Ukraine has experienced ongoing military conflict; this conflict may expand and military attacks could occur in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. Recent and upcoming European elections could, depending on the outcomes, further call into question the future direction of the EU. The ultimate effects of these events and other socio-political or geopolitical issues are not known but could profoundly affect global economies and markets. The impact of these actions, especially if they occur in a disorderly fashion, is not clear, but could be significant and far-reaching. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Fund’s investments.

Forward and Futures Contract Risk — The successful use of forward and futures contracts draws upon an Adviser’s skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of forward and futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) an Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. A Fund could be unable to recover assets held at the futures clearing broker, even assets directly traceable to a Fund from the futures clearing broker in the event of a bankruptcy of the broker. A futures clearing broker is required to segregate customer funds pursuant to the Commodities Exchange Act and the regulations of the U.S. Commodity Futures Trading Commission. However, in the unlikely event of the broker’s bankruptcy, there is no equivalent of the Securities Investors Protection Corporation insurance as is applicable in the case of securities broker dealers’ bankruptcies.

Futures Contract Risk — The successful use of futures contracts draws upon the Adviser’s or Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts, which may adversely affect the Fund’s net asset value and total return, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s or Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has

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insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

Geographic and Sector Risk — The risk that if a Fund invests a significant portion of its total assets in certain issuers within the same geographic region or economic sector, an adverse economic, business or political development affecting that region or sector may affect the value of the Fund’s investments more than if the Fund’s investments were not so focused. While the Funds may not concentrate in any one industry, a Fund may invest without limitation in a particular country or market sector.

High Portfolio Turnover Risk — A Fund may engage in active trading, including investments made on a shorter-term basis, which may lead to increased expenses that may result in lower investment returns.

High Yield Risk — Exposure to high yield (lower rated) debt instruments (also known as “junk bonds”) may involve greater levels of credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments may be more sensitive to economic changes, political changes, or adverse developments specific to a government or company than other fixed income instruments. These securities are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties, and a potential lack of a secondary or public market for securities. High yield debt instruments are considered speculative with respect to the issuer’s continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce market liquidity (liquidity risk). Less active markets may diminish the Fund’s ability to obtain accurate market quotations when valuing the portfolio securities and thereby give rise to valuation risk. If the issuer of a security is in default with respect to interest or principal payments, the issuer’s security could lose its entire value. Furthermore, the transaction costs associated with the purchase and sale of high yield debt instruments may vary greatly depending upon a number of factors and may adversely affect the Fund’s performance.

Index Tracking Error Risk — The performance of an Underlying Fund and its index may differ from each other for a variety of reasons. For example, an Underlying Fund that is index-based in which the Fund invests incurs operating expenses and portfolio transaction costs not incurred by the Underlying Fund’s index. In addition, the Underlying Fund may not be fully invested in the securities of the index that it tracks at all times or may hold securities not included in its index.

Investment Companies and Exchange-Traded Funds Risk — When a Fund invests in other investment companies, including ETFs, it will bear additional expenses based on its pro rata share of the other investment company’s or ETF’s operating expenses, including the management fees of the Underlying Fund in addition to those paid by the Fund. The

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risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund also will incur brokerage costs when it purchases and sells ETFs.

Investment Style Risk — The risk that different investment styles (e.g., “growth,” “value,” or “quantitative”) tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Fund may outperform or underperform other funds that employ a different investment style.

Momentum Style Risk. Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy may suffer.

Value Investing Risk is the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued by the Fund’s adviser may actually be appropriately priced or overvalued. Value oriented funds will typically underperform when growth investing is in favor.

Quantitative Investing Risk is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance. This may be as a result of the factors used in building the multifactor quantitative model, the weights placed on each factor, the accuracy of historical data supplied by third parties, and changing sources of market returns.

Certain Sub-Advisers may rely heavily on quantitative models and information and data supplied by third parties (“Models and Data”). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging investments.

When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data. The Fund bears the risk that the quantitative models used will not be successful in selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

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All models rely on correct market data inputs. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect. However, even if market data is input correctly, “model prices” will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

IPO and SEO Risk — The market value of shares sold in an initial public offering (“IPO”) will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. “SEOs” are seasoned (i.e., secondary) equity offerings of U.S. equity securities. The purchase of IPO shares may involve high transaction costs. IPO and SEO shares are subject to market risk and liquidity risk. In addition, the prices of securities sold in IPOs or SEOs may be highly volatile or may decline shortly after the initial public offering or seasoned equity offering.

Leveraging Risk — Financial leverage refers to the use of debt to acquire assets. The Fund may use leverage through a line of credit offered by a bank or may purchase derivatives that have the effect of creating leverage. The use of leverage may exaggerate any increase or decrease in a Fund’s net asset value, causing a Fund to be more volatile. The use of leverage may increase expenses and increase the impact of a Fund’s other risks. The use of leverage may cause a Fund or Underlying Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet regulatory requirements resulting in increased volatility of returns. Leverage, including borrowing, may cause a Fund to be more volatile than if a Fund had not been leveraged. Additionally, for certain derivatives, such as futures, adverse changes in the value or level of the reference asset, rate, or index may result in a loss substantially greater than the amount paid for the derivative.

Liquidity Risk — There is risk that a Fund may not be able to pay redemption proceeds within the time periods described in this Prospectus because of unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing its ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that a Fund would like or difficult to value. A Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on Fund management or performance. Funds with principal investment strategies that involve investments in securities of companies with smaller market capitalizations, foreign securities, Rule 144A securities, derivatives or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk.

Litigation and Enforcement Risk — Companies involved in significant restructuring tend to involve increased litigation risk, including for investors in these companies. This risk may be greater in the event a Fund takes a large position or is otherwise prominently involved. The expense of defending against (or asserting) claims and paying any amounts

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pursuant to settlements or judgments would be borne by the Fund (directly if it were directly involved or indirectly in the case of claims by or against an underlying company or settlements or judgments paid by an underlying company). Further, ownership of companies over certain threshold levels involves additional filing requirements and substantive regulation on such owners, and if the Fund fails to comply with all of these requirements, the Fund may be forced to disgorge profits, pay fines or otherwise bear losses or other costs from such failure to comply.

In addition, there have been a number of widely reported instances of violations of securities laws through the misuse of confidential information. Such violations may result in substantial liabilities for damages caused to others, for the disgorgement of profits realized and for penalties. Investigations and enforcement proceedings may be charged with involvement in such violations. Furthermore, if persons associated with a company in which the Fund invested engages in such violations, that Fund could be exposed to losses.

Management Risk — The net asset value of the Fund changes daily based on the performance of the securities and derivatives in which it invests. The Adviser’s judgments about the attractiveness, value and potential appreciation of particular securities or derivatives in which the Fund invests may prove to be incorrect and may not produce the desired results. Additionally, the Adviser may have conflicts of interest that could interfere with its management of the Fund’s portfolio. For example, the Adviser or its affiliates may manage other investment funds or have other clients that may be similar to, or overlap with, the investment objective and strategy of the Fund, creating potential conflicts of interest when making decisions regarding which investments may be appropriate for the Fund and other clients. Further information regarding conflicts of interest is available in the SAI.

Market Capitalization Risk — Stocks fall into the following broad market capitalization categories—large, medium, small and micro. A Fund that invests primarily in one of these categories carries the risk that due to current market conditions that category may be out of favor with investors. If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of micro, small or medium capitalization companies, investors may migrate to the stocks of micro, small and medium-sized companies. Larger, more established companies may also be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

Investing in medium, small, and micro capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, fewer experienced managers, dependence on a few key employees, and a more limited trading market for their stocks, as compared with larger companies. In addition, securities of these companies are subject to the risk that, during certain periods, the liquidity of particular issuers or industries will shrink or disappear with little forewarning as a result of adverse economic or market conditions, or adverse investor perceptions, whether or not accurate.

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Securities of medium, small and micro capitalization issuers may therefore be subject to greater price volatility and may decline more significantly in market downturns than securities of larger companies.

Micro, small and medium capitalization issuers may also require substantial additional capital to support their operations, to finance expansion or to maintain their competitive position; and such issuers may have substantial borrowings or may otherwise have a weak financial condition, and may be susceptible to bankruptcy. Transaction costs for these investments are often higher than those of larger capitalization companies. There is typically less publicly available information about small and micro capitalization companies. Generally, the smaller the company size, the greater the risk.

Some micro, small, and medium capitalization companies also may be relatively new issuers, which carries risks in addition to the risks of other medium, small and micro capitalization companies. New issuers may be more speculative because such companies are relatively unseasoned. These companies will often be involved in the development or marketing of a new product with no established market, which could lead to significant losses.

Market Risk — Overall capital market risk may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.

Market Events Risk — An outbreak of respiratory disease caused by a novel coronavirus (COVID-19) was first detected in China in late 2019 and subsequently spread globally. The impact of the outbreak has been rapidly evolving, and cases of the virus have continued to be identified in most developed and emerging countries throughout the world. The transmission of COVID-19 and efforts to contain its spread have resulted in significant disruptions to business operations, supply chains and customer activity, widespread business closures and layoffs, international, national and local border closings, extended quarantines and stay-at-home orders, event cancellations, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, as well as general concern and uncertainty that has negatively affected the global economy. These circumstances are evolving, and further developments could result in additional disruptions and uncertainty. These impacts also have caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of the COVID-19 pandemic may last for an extended period of time and could result in a substantial economic downturn or recession.

Health crises caused by pandemics, such as the COVID-19 outbreak, may exacerbate other pre-existing political, social, economic, and financial risks. The impact of the coronavirus outbreak, and other epidemics and pandemics that may arise in the future, could result in a general decline in the global economy, and negatively affect the performance of individual countries, industries, or sectors in significant and unforeseen ways. Deteriorating

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economic fundamentals may in turn increase the risk of default or insolvency of particular companies, negatively impact market value, increase market volatility, cause credit spreads to widen, and reduce liquidity. All of these risks may have a material adverse effect on the performance and financial condition of the securities in which the Funds invest, and on the overall performance of a Fund.

The U.S. federal government and certain foreign central banks have taken a variety of unprecedented actions to stimulate the economy and calm the financial markets. For example, in March 2020, the U.S. government adopted the largest economic stimulus package in recent history, estimated at $2 trillion, which is aimed at supporting American workers and businesses adversely affected by economic upheaval stemming from the COVID-19 pandemic. The law provides for loans and other disbursements to a wide swath of the economy, including direct payments to Americans and loans to large and small companies, as well as expanding unemployment insurance. The ultimate effect of these efforts is not yet known, and they may not be successful.

In the future, the U.S. federal government or other governments may take actions that could affect the overall economy as well as the securities in which the Funds invest, the markets in which they trade, or the issuers of such securities, in ways that are unforeseen. Governmental and quasi-governmental authorities and regulators throughout the world, such as the U.S. Federal Reserve (the “Fed”), have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and dramatically lower interest rates. Certain of those policy changes have been or are being implemented or considered in response to the COVID-19 pandemic. The Fed has spent hundreds of billions of dollars to keep credit flowing through short-term money markets since mid-September 2019 when a shortage of liquidity caused a spike in overnight borrowing rates, and again in 2020 with large stimulus initiatives intended to respond to economic stresses stemming from the COVID-19 pandemic. The Fed has signaled that it plans to maintain its interventions at an elevated level. Changes in government policies or central banks could negatively affect the value and liquidity of a Fund’s investments and cause it to lose money, and there can be no assurance that the initiatives undertaken by governments and central banks will be successful.

The COVID-19 outbreak, and future pandemics, could also impair the information technology and other operational systems upon which the Adviser or a sub-adviser relies, and could otherwise disrupt the ability of a Fund’s service providers to perform essential tasks. Such impacts could impair a Fund’s ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of a Fund’s service providers, and negatively impact a Fund’s performance. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately value its investments.

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Markets generally and the energy sector specifically have also been adversely impacted by reduced demand for oil and other energy commodities as a result of the slowdown in economic activity resulting from the spread of the coronavirus and by price competition among key oil producing countries.

Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely impact issuers in, or foreign exchange rates with, a different country or region. The rise in protectionist trade policies, and changes to some major international trade agreements and the potential for changes to others, could affect the economies of many countries in ways that cannot necessarily be foreseen at the present time. Political and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Financial markets in the United States and China have been sensitive to the outlook for resolving ongoing U.S.-China trade disputes.

High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. Interest rates have been unusually low in recent years in the United States and abroad, and central banks have reduced rates further in an effort to combat the economic effects of the COVID-19 pandemic. Because there is little precedent for this situation, it is difficult to predict the impact on various markets of a significant rate change or other significant policy initiatives, whether brought about by U.S. policy makers or by dislocations in world markets. Extremely low or negative interest rates may become more prevalent. To the extent a Fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the Fund would generate a negative return on that investment. Similarly, negative rates on investments by a fund that is a money market fund would make it difficult for the fund to maintain a stable $1 net asset value per share without financial support from the fund’s sponsor or other persons. There is no assurance that such support would be provided, which could lead to losses on investments in the fund, including on investments by a Fund that uses the fund as an investment option for the Fund’s uninvested cash. While negative yields may reduce the demand, liquidity and valuation of fixed income investments, investors may be willing to continue to purchase such investments for a number of reasons, including, but not limited to, price insensitivity, arbitrage opportunities across fixed income markets or rules-based investment strategies. If negative interest rates become more prevalent, investors may over time seek to reallocate assets to other income-producing assets or equity investments that pay a dividend, which may cause the price of such instruments to rise while triggering a corresponding decrease in yield and the value of debt instruments over time. Over the longer term, rising interest rates may present a greater risk than has historically been the case due to the current period of low rates and the effect of government fiscal policy initiatives and potential market reaction to those initiatives.

Some countries, including the United States, are adopting more protectionist trade policies and moving away from the tighter financial industry regulations that followed the 2008 financial crisis. The United States is also said to be considering significant new investments

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in infrastructure, national defense and other spending priorities which, coupled with lower federal tax rates, could lead to sharply increased government borrowing and higher interest rates. The exact shape of these policies is still being worked out through the political process, but the equity and debt markets may react strongly to expectations, which could increase volatility, especially if the market’s expectations for changes in government policies are not borne out.

The implementation and the resulting impact of the United Kingdom’s January 31, 2020 departure from the European Union (the “EU”), commonly referred to as “Brexit,” remain uncertain. The effect on the economies of the United Kingdom and the EU will likely depend on the nature of trade relations between the United Kingdom and the EU and other major economies following Brexit, which are subject to negotiation. During a transition period that will extend to December 2020, and that can be extended for an additional period, the United Kingdom will have access to the EU single market and be subject to EU regulation. The outcomes may cause increased volatility and have a significant adverse impact on world financial markets, other international trade agreements, and the United Kingdom and European economies.

In addition, global climate change may have an adverse effect on property and security values. A rise in sea levels, an increase in powerful windstorms and/or a storm-driven increase in flooding could cause coastal properties to lose value or become unmarketable altogether. Large wildfires driven by high winds and prolonged drought may devastate entire communities and may be very costly to any business found to be responsible for the fire or conducting operations in affected areas. These losses could adversely affect corporate borrowers and mortgage lenders, the value of mortgage-backed securities, the bonds of municipalities that depend on tax revenues and tourist dollars generated by such properties, and insurers of the property and/or of corporate, municipal or mortgage-backed securities. Since property and security values are driven largely by buyers’ perceptions, it is difficult to know the time period over which these effects might unfold. Economists warn that, unlike previous declines in the real estate market, properties in affected coastal zones may never recover their value.

Money Market Instrument Risk — The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not insured or guaranteed by theFDIC or any other government agency. It is possible to lose money by investing in a money market fund. Recently, the SEC adopted money market fund reform intended to address potential systemic risks associated with money market funds and to improve transparency for money market fund investors. The money market fund reforms may impact the structure, operations and return potential of the money market funds in which the Fund invests.

Municipal Bond Risk — The Funds that invest in municipal bonds may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of municipal bonds to pay interest or repay principal. In addition, the ability of an issuer to make payments or repay interest may be affected by litigation or bankruptcy.

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In the event of bankruptcy of such an issuer, a Fund investing in the issuer’s securities could experience delays in collecting principal and interest, and the Fund may not, in all circumstances, be able to collect all principal and interest to which it is entitled. To enforce its rights in the event of a default in the payment of interest or repayment of principal, or both, a Fund may, in some instances, take possession of, and manage, the assets securing the issuer’s obligations on such securities, which may increase the Fund’s operating expenses. Any income derived from the Fund’s ownership or operation of such assets may not be tax-exempt. Municipal bonds are generally subject to interest rate, credit and market risk.

Because many municipal bonds are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), conditions in those sectors may affect the overall municipal securities market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. Municipal bonds backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the supporting taxation or the inability to collect revenues for the specific project or specific assets. Municipal bonds are subject to the risk that the Internal Revenue Service (the “IRS”) may determine that an issuer has not complied with applicable tax requirements and that interest from the municipal bond is taxable, which may result in a significant decline in the value of the security.

Municipal bonds may be less liquid than taxable bonds and there may be less publicly available information on the financial condition of municipal bond issuers than for issuers of other securities, and the investment performance of a fund investing in municipal bonds may therefore be more dependent on the analytical abilities of the Adviser than if the fund held other types of investments such as stocks or taxable bonds. The secondary market for municipal bonds also tends to be less well-developed or liquid than many other securities markets, a by-product of lower capital commitments to the asset class by the dealer community, which may adversely affect a fund’s ability to sell municipal bonds it holds at attractive prices or value municipal bonds.

ReFlow Liquidity Program — The Fund may participate in a variety of liquidity programs offered by ReFlow Fund, LLC (“ReFlow”). These include the ReFlow Redemption Service and ReFlow NAVswap, both of which are designed to provide alternative sources of liquidity to funds experiencing net redemptions of their shares. The ReFlow Redemption Service provides participating funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed from the fund and settling the next business day, subject to certain limitations. Following purchases of fund shares, ReFlow then generally redeems those shares when the fund experiences net sales, at the end of a maximum holding period determined by ReFlow, or at other times at ReFlow’s discretion. In the event the Fund uses the ReFlow Redemption Service, the Fund will pay a fee to ReFlow each time ReFlow purchases Fund shares, calculated by multiplying the value of shares ReFlow purchases by a rate determined through an automated daily auction. In accordance

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with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of the Fund. ReFlow NAVswap also provides participating funds with a source of cash to meet net shareholder redemptions. ReFlow NAVswap is an International Swaps and Derivatives Association governed total return swap in which a fund receives a return that corresponds to the daily change in the fund’s net asset value. In return, the fund pays one-month Secured Overnight Financing Rate (SOFR) plus a spread. By participating in the ReFlow programs, the Fund may maintain a lower cash balance than might otherwise be required. In an environment of declining market values, a fund participating in the ReFlow programs may experience a greater decrease in value than it would if it did not participate in the programs and instead maintained a higher cash balance.

REIT Risk — There is risk that investments in real estate investment trusts (REITs) will make a Fund more susceptible to risks associated with the ownership of real estate and with the real estate industry in general. REITs may be less diversified than other pools of securities, may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets.

Restricted Securities — The Fund may invest securities in which the disposition would be subject to legal restrictions (so called “restricted securities”). Restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the Securities Act of 1933, as amended (the “Securities Act”). Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than that which prevailed when it decided to sell. Restricted securities issued pursuant to Rule 144A under the Securities Act that have a readily available market usually are not deemed illiquid for purposes of this limitation by the Fund. However, investing in Rule 144A securities could result in increasing the level of a Fund’s illiquidity if qualified institutional buyers become, for a time, uninterested in purchasing these securities.

Securities Issued in PIPE Transactions — A Fund may invest in securities that are purchased in private investment in public equity (“PIPE”) transactions. Securities acquired by the Fund in such transactions are subject to resale restrictions under securities laws. While issuers in PIPE transactions typically agree that they will register the securities for resale by the Fund after the transaction closes (thereby removing resale restrictions), there is no guarantee that the securities will in fact be registered. In addition, a PIPE issuer may require the Fund to agree to other resale restrictions as a condition to the sale of such securities. Thus, the Fund’s ability to resell securities acquired in PIPE transactions may be limited, and even though a public market may exist for such securities, the securities held by the Fund may be deemed illiquid.

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Securities Lending Risk — To realize additional income, a Fund may lend portfolio securities with a value of up to 33⅓% of the Fund’s total assets, including any collateral received from the loans. The Fund receives collateral equal to at least 102% of the market value for loans secured by government securities or cash in the same currency as the loaned shares and 105% for all other loaned securities at each loan’s inception. The collateral the Fund receives will generally take the form of cash, U.S. Government securities, letters of credit, or other collateral as deemed appropriate by the Adviser. The Fund may use any cash collateral it receives to invest in short-term investments, including money market funds. It is the Trust’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, from time to time the value of the collateral received by the Fund may be less than the value of the securities on loan. The Fund will receive income earned on the securities loaned during the lending period and a portion of the interest or rebate earned on the collateral received. The risks associated with lending portfolio securities, as with other extensions of secured credit, include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the securities loaned, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral.

Short Sales Risk — The Fund may attempt to limit its exposure to a possible market decline in the value of its portfolio securities through short sales of securities that its portfolio manager believes possess volatility characteristics similar to those being hedged. The Fund may also use short sales for non-hedging purposes to pursue its investment objectives if, in the portfolio manager’s view, the security is over-valued. Short selling is speculative in nature and, in certain circumstances, can substantially increase the effect of adverse price movements on the Fund’s portfolio. A short sale of a security involves the risk of an unlimited increase in the market price of the security that can in turn result in an inability to cover the short position and a theoretically unlimited loss. No assurance can be given that securities necessary to cover the Fund’s short position will be available for purchase. The SEC and other U.S. and non-U.S. regulatory authorities have imposed, and may impose in the future, restrictions on short selling, either on a temporary or permanent basis. Such restrictions may include placing limitations on specific companies and/or industries with respect to which the Fund may enter into short positions, and may hinder the Fund in, or prevent it from, implementing its investment strategies, and may negatively affect performance.

Small Fund Risk — The Fund currently has fewer assets than larger funds. Thus, like other small funds, inflows and outflows may impact its market exposure. In addition, if the Fund does not attract additional assets, the Fund’s fixed costs will continue to be spread over a small asset base, which could result in increased shareholder expenses (if the Fund were not subject to an expense cap) or force the Fund to liquidate.

SPACs Risk — A Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek potential acquisition opportunities. Unless and until an acquisition is

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completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money market fund securities and cash; if an acquisition that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the entity’s shareholders. Because SPACs and similar entities are in essence blank check companies without an operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the Volatility of their prices. In addition, these securities, which are typically traded in the over-the-counter market, may be considered illiquid and/or be subject to restrictions on resale.

Subsidiary Risk — By investing in a Subsidiary, a Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. There can be no assurance that the investment objective of the Subsidiary will be achieved. A Subsidiary is not registered under the Investment Company Act of 1940 (the “1940 Act”) and generally is not subject to all the investor protections of the 1940 Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by the same adviser, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in its prospectus and statement of additional information and could adversely affect a Fund.

Swap Risk — Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the counterparty to the swap. In addition, there is the risk that a swap may be terminated by the Fund or the counterparty in accordance with its terms. If a swap were to terminate, the Fund may be unable to implement its investment strategies and the Fund may not be able to seek to achieve its investment objective.

Taxability Risk — Some or all of the Funds’ income may be subject to the federal alternative minimum tax, which could reduce the Fund’s after-tax returns. In addition, there is no guarantee that all of the Fund’s income will remain exempt from federal or state or local income taxes. Income from municipal bonds held by the Fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service (“IRS”) or state tax authorities, or non-compliant conduct of a bond issuer. The Fund may sell securities that lose their tax-exempt statuses at inopportune times, which may cause tax consequences or a decrease in the Fund’s value.

Tax Risk — The federal income tax treatment of the complex securities in which Funds may invest may not be clear or may be subject to recharacterization by the IRS. It could be more difficult to comply with the tax requirements applicable to regulated investment

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companies if the tax characterization of investments or the tax treatment of the income from such investments were successfully challenged by the IRS. Any such failure to comply with the rules applicable to regulated investment companies could make it more difficult for a Fund itself to comply with such rules. Furthermore, the ability of the Fund to gain commodity exposure as contemplated may be adversely affected by future legislation, regulatory developments, interpretive guidance or other actions by the IRS or the Treasury Department. In addition, the Fund’s use of derivatives may cause the Fund to realize higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if the Fund had not used such instruments.

Tax-Managed Investing Risk - Market conditions may limit the Fund’s ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund’s tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund’s ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although the Fund can generally be expected to distribute a smaller percentage of returns each year than an equity mutual fund that is managed without regard to tax considerations, there can be no assurance about the size of taxable distributions to shareholders.

Temporary Defensive Position — In response to adverse market, economic, political or other conditions, each Fund may temporarily invest up to 100% of its total assets, without limitation, in high-quality short-term debt securities, money market instruments and cash. These short-term debt securities and money market instruments include: shares of money market mutual funds, commercial paper, certificates of deposit, bankers’ acceptances, U.S. Government securities and repurchase agreements. While the Fund is in a temporary defensive position, the opportunity to achieve upside return may be limited.

U.S. Government Securities Risk — Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

Valuation Risk — The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets, or that are valued using a fair value methodology. Because portfolio securities of the Fund may be traded on non-U.S. exchanges, and non-U.S. exchanges may be open on days when the Fund does not price its shares, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.

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Volatility Risk — The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant increases or declines in value over short periods of time.

9. Other:

As of February 29, 2020, the percentage of total shares outstanding held by shareholders for the Funds, which are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders were as follows:

	No. of Shareholders	% Ownership
Symmetry Panoramic US Equity Fund	1	83.05%
Symmetry Panoramic International Equity Fund	1	83.33%
Symmetry Panoramic Global Equity Fund	1	84.41%
Symmetry Panoramic Tax-Managed Global Equity Fund	5	86.50%
Symmetry Panoramic US Fixed Income Fund	2	90.31%
Symmetry Panoramic Municipal Fixed Income Fund	4	83.06%
Symmetry Panoramic Global Fixed Income Fund	1	81.58%
Symmetry Panoramic Alternatives Fund	2	95.71%

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote.

10. New Accounting Pronouncement:

In August 2018, the FASB issued Accounting Standards Update 2018-13 (ASU 2018-13), Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. This ASU was adopted early as of August 31, 2019. The implications of this ASU have been reflected as applicable in the Notes to Financial Statements and the Schedules of Investments.

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11. Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements as of February 29, 2020, except as follows:

During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments, including those held by the Fund.

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Disclosure of Fund Expenses

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for Fund management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the mutual fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the mutual fund’s average net assets; this percentage is known as the mutual fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from September 1, 2019 to February 29, 2020.

The table on the next page illustrates your Fund’s costs in two ways:

□ Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

□ Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.

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DISCLOSURE OF FUND EXPENSES - continued

Note: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as wire transfers, redemption fees, or returned checks. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 9/1/19	Ending Account Value 2/29/20	Annualized Expense Ratios	Expenses Paid During Period*
Symmetry Panoramic US Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 975.70	0.48%	$ 2.36
Hypothetical 5% Return	$ 1,000.00	$ 1,022.48	0.48%	$ 2.41
Symmetry Panoramic International Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 993.30	0.65%	$ 3.22
Hypothetical 5% Return	$ 1,000.00	$ 1,021.63	0.65%	$ 3.27
Symmetry Panoramic Global Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 984.10	0.52%	$ 2.57
Hypothetical 5% Return	$ 1,000.00	$ 1,022.28	0.52%	$ 2.61
Symmetry Panoramic Tax-Managed Global Equity Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 991.10	0.42%	$ 2.08
Hypothetical 5% Return	$ 1,000.00	$ 1,022.77	0.42%	$ 2.11
Symmetry Panoramic US Fixed Income Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,024.90	0.41%	$ 2.06
Hypothetical 5% Return	$ 1,000.00	$ 1,022.82	0.41%	$ 2.06
Symmetry Panoramic Municipal Fixed Income Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,007.40	0.41%	$ 2.05
Hypothetical 5% Return	$ 1,000.00	$ 1,022.82	0.41%	$ 2.06
Symmetry Panoramic Global Fixed Income Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 1,018.10	0.43%	$ 2.16
Hypothetical 5% Return	$ 1,000.00	$ 1,022.73	0.43%	$ 2.16

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DISCLOSURE OF FUND EXPENSES - concluded

	Beginning Account Value 9/1/19	Ending Account Value 2/29/20	Annualized Expense Ratios	Expenses Paid During Period*
Symmetry Panoramic Alternatives Fund
Class I Shares
Actual Fund Return	$ 1,000.00	$ 969.80	0.50%	$ 2.45
Hypothetical 5% Return	$ 1,000.00	$ 1,022.38	0.50%	$ 2.51

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

157

Symmetry Panoramic Funds

P.O. Box 588

Portland, ME 04112

1-844-796-3863

Investment Adviser:

Symmetry Partners, LLC

151 National Drive

Glastonbury, CT 06033

Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Legal Counsel:

K&L Gates LLP

1601 K Street, NW

Washington, DC 20006-1600

Independent Registered Public Accounting Firm:

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

This information must be preceded or accompanied by a current prospectus for the Funds described.

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

Item 6. Investments

The Schedules of Investments are included as part of the report to shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable to open-end management investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”).

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act (17 CFR § 270.30a-3(c)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 13. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification of each principal executive officer and principal financial officer of the Registrant, as required by Rule 30a-2(a) under the 1940 Act (17 CFR § 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the 1940 Act (17 CFR § 270.30a-2(b)) also accompany this filing as an exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Symmetry Panoramic Trust

By	/s/Dana D'Auria
	Dana D'Auria
	President

Date: May 8, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By	/s/Dana D'Auria
	Dana D'Auria
	President

Date: May 8, 2020

By	/s/Stephen Connors
	Stephen Connors
	Treasurer & Principal Financial Officer

Date: May 8, 2020

Symmetry Panoramic Trust N-CSRSCertified semi-annual shareholder report (management investment company)